Are Vanity Coins the Next Wave of Cryptocurrency?
Imagine the Economy of Kim and Kanye, the State of Oprah or the County of Dua Lipa. Or maybe it’s just your grandma who decides one morning that she’d like to issue her own branded cryptocurrency to fuel her private economy on her own plot of land for seniors 65 and over. Or your vegan yoga teacher wants her mug on a digital coin to launch an economy where only fruits and veggies are consumed and inhabitants live in sustainable bamboo structures.
Vanity coins are liberating entrepreneurs who have social agendas and philanthropic goals. By creating a following and then leveraging one’s personality to drive the sale of goods and services, anyone can attempt to build a micro-crypto economy. You can become your own venture capitalist by issuing shares of yourself for your community.
In reality, boxing icon and Senator Manny Pacquiao is planning the launch of the Pac Token, a vanity coin to connect with fans who will be able to use the coin to buy Manny merchandise and pay for face time with him via livestream.
Soccer star James Rodriguez recently announced that he also plans to launch a vanity coin. According to a statement, the cryptocurrency will “reflect his brand values, and build stronger fan relationships.” Rodriguez, the Golden Boot winner of the 2014 World Cup, is developing the coin with SelfSell, a blockchain-based startup to inspire low-cost individual fundraising.
Vanity coins may go well beyond crowdsourcing. They have the potential to spark a range of agreements for a particular mission or to fulfill a public promise.
John McAfee, controversial crypto entrepreneur and CEO of MGT Capital Investments, claims he’s issuing a blockchain-based ‘promissory note’ that can be redeemed for real-world services. McAfee tweeted that on June 25th he’ll release full details on how his promissory note works.
To go along with prior tweet: pic.twitter.com/7s7mpGFvnD
— John McAfee (@officialmcafee) May 29, 2018
How will vanity coins be valued in this new paradigm where everyone owns shares of everyone else? Fame, academic prowess, athletic ability, volunteer work?
“What if Justin Bieber decides to back and launch his own altcoin? Buying and owning a part of Biebercoin is an investment in his network effect,” writes systems explorer Simon de la Rouviere. “There will be many teenagers wanting to pay and use Biebercoin as currency, and it will make sense for vendors to adopt and use it (in stores, in apps, etc). As investors, you’ll want to be a part of his success and thus own some of it.”
If you’re not an outright popstar, today’s personal value is often measured in Facebook friends or Instagram and Twitter followers. With enough followers, one’s sphere of influence can ripple out into the mainstream, allowing anyone with plenty of clout to monetize an Instagram feed by promoting products for a commission.
The vanity coin model may morph into an economic system that goes well beyond pimping brands. It can inspire a new way for people to earn value – for activities we have yet to monetize. Nina who inspires calm, Mitch who always helps out at the local library and Courtney who makes handy items out of wood can each create value through the network of people they impact or influence.
Nugget: Your Mom or Dad’s vanity coin can reflect the dishwashing, the cooking, the cleaning, the toilet bowl scrubbing, the driving and the long hours they work, often around the clock. And imagine the day when Your Mom’s coin amounts to substantial wages, right on par with a lawyer’s salary.