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Social tokens are used at Christie’s auction

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Social tokens are used at Christie's auction

Osinachi is the first artist to issue social tokens for auction at Christies. These can be redeemed for NFT and other products on the Socialstack platform.

Nigerian artist Osinachi uses social tokens during one Christies Events. A total of five NTFs of his work of art “Different Shades of Water” are still available at the London auction house until October 19th.

But not only the use of social tokens during an art auction is a first. In the history Christies Europe it is also the first time for an African artist to exhibit his work there. Osinachi is sure to leave a lasting footprint.

It is currently possible to get the artist’s own social token by promoting his digital art on social media $ OSINA to earn. Behind it is Social stack, a dApp on ETH and Celo that enables minting (creation) and issuing of social tokens. Osinachi – Chief Creative Officer at Social stack – now uses this function to bring users closer to the platform.

In the first step it is only necessary to call up one of the “Different Shades of Water” works on the laptop or mobile phone. Then you have to take a photo beforehand and then with the tags @osinachiart and @ChristiesInc post on twitter. The 20 $ OSIN can then under Social stack redeemed for Osinachi NFT, merchandise, or other items.

Social tokenization

It’s no secret that social tokens are generally picking up speed. As a rule, these are not issued by traditional companies, but can be tied to a single person, a purpose or a larger community. Everything about social tokens – we discussed how to create one in the May edition of the Kryptokompass.

The heart of social tokens lies in the democratization of value sharing. Accordingly, such tokens aim to ensure that both the producers and the users have an equal share in the profits generated. In the case of Osinachi, that means that the real value was not only generated by the artwork themselves, but also by the users who helped promote the art on social media.

But other use cases of social tokens are also conceivable. An example would be the social medium BitClout to call. The platform tokenizes the Twitter accounts of private individuals and celebrities using social tokens. In principle, users can invest in the reputation of individual people there. For example, if an influencer gets a shit storm, the value of his profile drops to BitClout.

The London auction house Christies jumped on the NFT bandwagon with the first sale of a tokenized work of art in October last year. It remains to be seen whether the introduction of Osinachi’s Social Token will continue to pave the way towards social tokenization.

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