In my opinion, personal tokens are one of the most important tokens, next to company or share tokens, because they relate directly to a person. What or who is most important to people in life? Most will say family, friends. Only then are there: work, company and money.
Currently, personal tokens are still not very popular and appreciated, because there are few recognizable people who have their token. It is enough for a few idols such as Elon Musk to announce that they have their token and then the eyes of the whole world would turn in this direction. All this is still ahead of us, but it’s worth finding out more about it now.
What is a personal token?
There are many people who can be called a brand in itself. They earned their name, which makes them popular. Just as in the saying: “every man is the artisan of his own fortune”, each of us has their own value as a human being. This value can be presented in the form of personal tokens.
Thus, a personal token is a digital equivalent of the value of a specific person (by name and surname) who issued it and made the primary and secondary distribution of the token on the market.
The best investment is an investment in people and their development. Even if a person’s business goes bankrupt, his personal token still has a chance of retaining value as he or she can start a new business in which he will be successful. It is important what competences, experience, and contacts this person has.
How to give value to a personal token?
The very name of a popular artist, i.e. a consciously and effectively built personal brand, gives value to their tokens, so it may be much easier for them to “start” their project than for a little-known entrepreneur. This does not mean, however, that less known people have no chance – each of us can issue our own token. A person who does not have a community gathered to be successful should simply put more effort into building their visibility.
It is advisable that the personal token is covered by the work of a given person, the services they provide (e.g. consultations, training, tutoring) and the prizes that can be obtained for it (e.g. albums with the artist’s music, a footballer’s jersey).
The trust we place in the person who has become tokenized is also crucial, because it has a direct impact on the value of their personal token. In the event of loss of trust, it will be very difficult, and often even impossible, to regain the value of the token, because you only have one face and surname.
What are the benefits of self-tokenization?
First of all, the benefits are for the issuer of the personal token, because by selling its tokens, it can raise capital to achieve its goals and objectives. In this way, it is possible to create your own money, and thus – to apply financial models that already operate in our environment.
Thanks to tokenization, the issuer establishes relations with the community that owns its tokens (with the so-called holders). It is committed to making the tokenized person successful and increasing the value of the token. How do they express this commitment? For example, they promote its services or products, review them, actively participate in contests, loyalty programs, and other endeavors. In such a situation, everyone benefits – the issuer receives additional publicity and the most effective form of advertising (i.e. other people praise their activity), and the person holding tokens can expect a profit resulting from the increase in their value.
There are also additional benefits for the holders of such tokens. The issuer may provide them with products or services that are not available to anyone else – e.g. an additional bonus, discount, gadget, extended offer, consultation, and even a dinner with a celebrity 🙂 It is worth mentioning here about tokenomy, i.e. the economy of personal tokens.
Applications of personal tokens and examples of tokenomy
Personal tokens can have many uses, e.g. they can have the function of payment, loyalty, collector or share tokens. It is important to prepare an attractive tokenomy so that the token can not only exist, but above all – survive and develop. How to do it? For example, you can give them away as a prize for participating in a competition, exchange your favorite musician or a footballer’s shirt for CDs, or provide the option of paying with tokens for the issuer’s service. You can also sell tokens on the exchange so that the holder can convert them into cash, as well as purchase them for bitcoins, ethers or other cryptocurrencies. How the issuer will drive the motivation to have their tokens depends only on them. They are limited only by their own imagination!
Personal tokenization on the example of JKCOIN
I am a freelancer, IT specialist and I run a sole proprietorship, that’s why my company is me. I issued my own personal JKCOIN token in 2018 on the personaltokens.io platform and I was one of the first in Poland to do so. Over the years, I have managed to develop an attractive and rich tokenomy for my token.
JKCOIN is mainly a utility token and serves as a loyalty point in my IT company. The economy of my token can be described as a loyalty – share – payment token.
Loyalty – because I have launched the TokenBack program, where the customer, when buying IT services in my company, will receive 5% of the value in the form of JKCOIN tokens. In addition, if he wants to recommend my services to friends, he can get a 10% commission on sales. I also offered additional benefits to my token holders who are in a closed group of JKCOIN Holders.
Share – because there is a finite amount of it, and the tokens used by customers are destroyed, it makes it less and less, so it becomes disinflationary.
Payment – because you can use it to pay for my IT services and receive a 20% discount compared to the traditional PLN currency. In addition, I launched an online store with rewards for JKCOIN tokens.
My token is listed on the Kanga Exchange, so it can be easily sold and bought. Listing on this exchange also allows you to withdraw tokens in the form of cash from an ATM or to a bank account.
Examples of famous people who have become tokenized
Przemysław Saleta – utility token – in exchange for SaletaCoin you can, for example, arrange a training session with an athlete.
Rahim Blak – a personal token as a participation in a human being, i.e. in what Rahim will build through his undertakings, expressed in his profits. Tokens (i.e. holders of RahimCoin tokens) receive an annual dividend.
Szczepan Bentyn – utility token – you can buy his book for BentynCoin tokens or arrange a consultation.
Pamela Anderson – a collector’s token.
What is the future of personal tokens?
Here we are only limited by our imagination. I believe that soon we will be able to pay with personal tokens in a store for everyday purchases.
Now you can exchange personal tokens with each other, which is possible thanks to the SWAP function on the Kanga Exchange. In addition, they can be exchanged for any other token listed on this exchange, e.g. for electricity in the form of a CKWH token. This makes it possible to barter without the current financial system. Isn’t that innovative?
Jacek Kołodziejczak for the Kanga Exchange