You must have felt bad when you posted a picture of yourself looking great but only got a few likes, yet people’s reactions have no say on your worth. However, if you could turn the number of likes you get on your social media posts or the number of followers you have in your social media accounts into money, how much money would you be worth? Well, for most of us, probably a few dollars, but for someone like Terry Crews, he knows his worth and is putting it to good use. Crews has, therefore, recently launched his own social currency, which you must be wondering how it works and what’s the motivation. Here’s everything you need to know about Terry Crews’ social currency and the benefits of owning one.
Defining Social Currency
Before we even get started on how Crews is planning on using his social currency, let’s help you understand a social currency is. Future of Work defines social currency as the potential and actual resources arising from the presence in social communities and networks. They don’t have to be digital; even offline social communities count. In simple terms, social currency is the total economic value you get from your relationships, be they digital or in real life. As you can see, for someone like Crews or any other celebrity, the social currency could be worth a lot more because it puts a monetary value on the number of likes, views, comments, shares, and followers one has on social media. The reason behind this “influence currency” is because of how it helps businesses. For instance, when Crews shares a photo drinking his favorite beverage at a local pub and recommends it to his followers, they are likely to take his word for it and become patrons themselves. As a result, the pub will experience sales because of the influence that Crews has on social media. You should, therefore, not be surprised that brands choose celebrities to endorse their products and services because the working is essentially the same.
He Wants to Empower Artists
On March 10, 2021, Crews announced on Facebook that he had created a social currency on the Ethereum Blockchain called $POWER. This milestone was facilitated by a social currency startup, Roll. Roll enables creators to mint their own social currency and distribute it under the ERC-20 standard. Once done, the owners of the social currency determine how their social communities will earn and spend it. Therefore, Roll explained you don’t have to be a celebrity to create your own social currency; whenever and whoever you are, making your own currency is in your hands now.
Crews joins 300 other creators already using Roll, and users can trade their social currency to over 600 digital assets. According to Techcrunch, he is using Discord to engage with his community and so far has distributed it to 100 people. If he gives you 50 $POWER, you can access a special channel on Discord. The actor explained that he is very careful about how he distributes it because owning his social currency is like owning him. Although the long-term goal is to have a currency that one can make use of in everyday life, such as shopping for groceries, his main mission is to empower artists through interest-free microloans.
What Piqued His Interest in Social Currency
It’s amazing how one inconvenience can open up your brain to all the opportunities that are out there, yet that is what happened to Crews. He disclosed that while in Milan four years ago, he was interested in buying designer furniture from a reputable artist. Unfortunately, the amount of money he had in his checking account was not enough to cover the purchase, so he called American Express, who were helpful. They asked him to go to a local bank, and they explained Crews’s situation to the bank manager over the phone.
The bank manager did not bother helping Crews. Instead, one look at the actor was enough to have the bank manager deny Crews’s request, yet the actor watched him serving white customers who actually passed him in line. He waited for 15 minutes before it dawned in him that his skin color was the sole reason he was not going to get any help. He had to go to a place even the Uber driver refused to go to get the money he needed. With social currency, it does not matter the skin color or age of the user because it serves everyone. Crews wants everyone to have the power he once felt was almost taken away from him by William Morris Endeavor. He does not plan on returning to Hollywood, but that does not matter to him because he has his power and wants the artists to have the same.
Why Should Brands Invest in Social Currency?
Forbes reveals a few reasons that should motivate any brand to invest in social currency.
Improving brand loyalty
Having your brand earn social capital through various social channels puts you at an advantage over your competitors. Brands that engage their customers over social networks are likely to increase loyalty. It helps to provide valuable information to the customers and gives them a community where they feel they belong, thus promoting the loyalty they feel for the brand.
Once customers sing nothing but praises for a certain brand, it translates to greater sales because they will always be choosing your products over the rest. In this case, the price of the product does not seem to bother the customers. Therefore, brands can charge premium prices and still be guaranteed sales. As Referral Rock explains, Apple charges premium prices for all its products. Still, customers would rather wait for the next release than settle for what is already available in the market from Apple’s competitors.