Web3 and tokenization in the Creator Economy

: understanding user acceptance of Social Tokens

Abstract

Web3 is tokenizing industries and shifting data ownership away from the gatekeepers of the internet to its users. One particular Web3 technology that is gaining popularity in the Creator Economy is Social Tokens, a versatile type of cryptocurrency backed by the creator’s personal brand and reputation within their community. While Social Tokens provide Creators with innovative ways to directly monetize and connect with their fanbase, their value and success are heavily dependent on the community engaging with the Social Tokens. This study assesses the current state of users’ acceptance of Social Tokens, determines the influencing factors and develops a guide for creators on how to prepare their communities for Social Tokens. We conducted a user survey and applied established models in the fields of technology adoption to determine current acceptance and its predictors. Moreover, interviews were used to gain a deeper understanding of barriers and facilitators to users’ acceptance of Social Tokens. The analysis revealed low levels of current acceptance, while perceived trust, knowledge, and perceived value, were found to be the most influential factors impacting acceptance. We conclude that Social Tokens are still in an early stage of adoption, however creators can takespecific measures to prepare their communities for the use of Social Tokens.

Date of Award	25 Jan 2023
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Peter V. Rajsingh (Supervisor)