TokenGating @ Abundance Centres Facilities
Token Gating at Abundance Centres UK: Everything You Need to Know
Perhaps you’ve recently heard how token gating is becoming a popular way to share valuable content, voting equity and special access rights to events, experiences, products and services with the help of NFTs and other crypto tokens?
Table of Contents
- What is a utility token?
- What is TokenGating? - Key Points
- Conclusion: Token Gating at Abundance Centres
What is a utility token?
Commonly issued during an “ICO”, utility tokens provide token holders with privileged services, they aren’t considered to be "investments" as they are speculative and act more like community development tools for the issuing organisation. Usually associated with Initial Coin Offerings (ICOs), a utility token is a special type of cryptoasset that is primarily aimed at garnering the support, resources and/or funds necessary to develop given projects; this is a new process that proves the resilience empowerment potential of web3 technologies. Members may purchase these utility tokens in different cryptocurrencies or even fiat currencies, and prices are generally static during the initial stages.
To encourage membership growth and engagement Abundance Centres will be “air-dropping” registered members a range of special NFTs and custom utility tokens, this means giving cryptoassets freely to people who are keenly supporting our projects’ developments as registered members of the uLearn Naturally Learners’ Cooperative, our national cooperative forum within which many wonderful educational projects exist.
These utility tokens, once purchased or obtained , are stored in a crypto wallet associated with the member and can be used to access services provided by the related projects. Building our membership systems on web3 means they are connected to “blockchains” which are a type of decentralised ledger technology. Being a transparent crypto ledger advances a new level of secure openness for our learners’ cooperatives.
Moreover, utility tokens do not represent any “share” type ownership stake in the project being invested in and instead, allow the holder to support the projects’ ethos; being able to receive, buy, sell or exchange the underlying tokens with a new level of ease and independence.
It is commonly accepted that the value of utility tokens usually fluctuates, depending on the demand for the project and its utility in society. Our tokenisation models may generate “profits” for the token acquirer if our projects reach their intended purposes with reasonable success. However our reason for adopting web3 is to explore new ways to reward supporting members in the spirit of being a charitable organisation engaged in social enterprise ventures that need communal help to fully demonstrate and advance our proven innovations in STEAM’d uP Learning, that’s STEM + the Arts education.
What is TokenGating? - Key Points
- TokenGating is a new way to manage and curate access to exclusive content by giving members added value and utility with specific cryptoasset NFTs or utility tokens.
- The NFT or token essentially acts as an “access key” that is verified by connecting your cryptoasset wallet.
- This new mechanism for securing valuable content access comes with various benefits for both members and the general development of Abundance Centres and EcoSysMAAT projects by better aligning membership incentives and turning services and products into assets that can be equitably owned and exchanged communally.
- Even though the technology is still relatively new there are also many real-life examples of organisations, companies and creators using utility tokens to gate premium experiences, content and access rights.
Token gating involves restricting access to certain content, forums or benefits to holders of a particular cryptocurrency token or NFTs issued by the host organisation. These tokens effectively act as a set of keys that reside within a user’s crypto wallet. Users who do not hold the token, will not have access to the content/experience reserved for particular classes of membership.
Conclusion: Token Gating at Abundance Centres
Gated content and access are not a new concept and have been around for ages. However, with the advent of cryptocurrency tokens and NFTs, creative organisations like ours now have a much more powerful set of tools to create awesome token-gated experiences. We believe token gating will become one of the most relevant examples of new venture capital raising strategies for charitable organisations within this decade.
Venture capital raised in this way, by a learners’ cooperative, opens the prospect for completely new kinds of social equity for families and individuals directing their own localised learning experiences in STEM; personal and professional development.
We have partnered up with EcoSysMAAT and their OnWeb3 onboarding support service to help our members get to the many benefits behind the TokenGate. Which projects, experiences and services should you have special access rights to?