The Introduction Of Personal Tokens
This is a new twist but it is likely to become a huge market going forward.
Crypto entrepreneur Alex Masmej sold personal tokens to fund his next venture. He sold $20,000 of $ALEX on the Ethereum blockchain.
Holders of $ALEX will collectively receive 15% of Masmej’s income in the next three years and will be able to trade their tokens on Uniswap
The funds are being used to fund his latest start up decentralized finance project. He feels this is something that is going to grow as people seek other ways of financing as the coronavirus' impact is felt.
The token represents "a blend between a small Income Sharing Agreement and a human IPO," Masmej explained in his announcement. Token holders will be entitled to 15% of all his income for the next three years, capped at $100,000. The dividends will be distributed to shareholders on a quarterly basis in the form of DAI or an equivalent stablecoin.
This could be an avenue for entrepreneurs and other creative individuals. With times getting harder due to the crisis, individuals might find ways to fund their projects by, basically, tokenizing themselves.
Last year, designer Matthew Vernon – nicknamed "Dapp Boi" – issued 100 $BOI tokens representing 100 hours of his time. The tokens were later purchased by projects including fashion DAO Saint Fame and crypto lender Dharma.
Tokenization is opening up a lot of doors. We are in the very early stages so people will start to experiment with different ways of funding projects.
Since anyone is now capable of creating a currency, we are only limited to the number of ideas coming from people. As more people find the space, we could see innovation that will blow us away in this realm.
Ultimately, everyone has some value so tokenizing it could put billions in a different position in life. As Masmej noted, his presence on social media enabled him to have a base who was interested in buying his personal tokens.
Obviously, this is not something that is limited to just celebrities. Anyone who does something that is of value can now, not only monetize it but, can also use the personal token as a means of expanding the venture.
Hang on, the fun is just getting started.