At RabbitHole, we believe that, in the future, earning crypto by participating in protocols will be one of the most common jobs on the Internet. 

In early 2018, I started writing about NFTs because it was the first time I wanted to download a wallet other than just speculate on tokens in decentralized exchanges. The bull market just hit its peak, and over 90% of MetaMask users were trading tokens on EtherDelta, trying to snipe the latest ICO that hit the market, not too different from NFT whitelists in the last bull market.

There’s been a renewed interest in social tokens over the past few months because of the rise in NFTs. This post is both a reflection of social tokens over the past year and how the rise of NFTs can shape the future of social tokens.

In traditional social networks, our feed is created from scratch based on who we follow, who we interact with, and what we post. Eugene Wei’s famous status-as-a-service essay was the holy grail of social media, describing how participants behave in new platforms. Status was the scarce asset, and participants did work to earn the scarce asset and accrue social capital.