With the decentralized finance (DeFi) sector on fire, another new trend is emerging – the self-tokenization.
Personal tokens or simply the tokens that are mined with the names of their creators are growing in popularity. The tokens like $EVAN, $ALEX and $KERMAN increased by folds soon after being listed on decentralized crypto exchanges (DEX).
Evan Van Ness, the popular crypto content creator has listed his personal $EVAN token on Balancer exchange on August 6. In a few hours, the price of token increased six times and reached an all-time high of $0.35. However, it lost more than half of its value since then and now sits at $0.16 level with a trading volume of nearly $230 at the time of publishing, shows the CoinGecko.
Meanwhile, the other two brand-new personal tokens $ALEX and $KERMAN were going the uptrend on Uniswap exchange, hitting the record levels of $0.08 and $0.25 respectively later after the launch.
$ALEX, the personal token of young crypto entrepreneur Alex Masmej, reached the highest trading volume of over $11.6k on August 7, when the price of the token peaked to the record high of $0.08, marking the growth of 11 times since the first days of token release in May.
$KERMAN, the personal token of Australian entrepreneur Kerman Kohli, climbed to its record highs yesterday. The coin, first listed in the end of May, hit a record of $0.25 yesterday. Despite the trading volume being a bit over $4.4 thousand, the $KERMAN token witnessed the more than 11-fold growth since launch.
All three personal tokens, built on the ERC20 standard, decreased in their value since peaks. Despite the fact of being created for different purposes, all three come as flagmen of the emerging personal tokenization trend.
Personal tokens, or the tokens that are backed by the reputation of their creators, usually come as a tool to raise money or promote the existing brand or the creator itself. Self-tokenization acts mostly as a new form of crowdfunding, where redeemable tokens can be used to access various services.
$EVAN for example can be redeemed for sponsorship advertising, retweets, or professional consultation. $KERMAN token enables the exchange to the subscription of the creator’s newsletter, retweet, or his professional time. Meanwhile, $ALEX token holders get the ability to vote on the creator’s Alex Masmej’s various life decisions.