Web3 Reputation

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Web3 Reputation Overview

What do we mean by Web3 Reputation?

Reputation in the context of cryptocurrency stems from long-standing practices of assigning markers to signify status or merit. Just as badges, titles, or levels denote reputation in traditional settings, points and coins serve the same function in digital platforms like video games.

Cryptocurrency has taken this concept a step further with reputation tokens, commonly known as social tokens. These tokens can be issued by various entities such as individuals, communities, games, and apps. They are used to garner social capital, unlock access to services, and receive rewards, which can be financial or otherwise.

Notably, social tokens, which can often represent ownership and uniqueness (especially in the case of Non-Fungible Tokens or NFTs), carry significant potential due to their decentralized nature. Since these tokens are stored on a blockchain, they can be used across the global internet economy, transcending the boundaries of a single platform. This allows for a universal application of reputation, making it a valuable aspect of the evolving crypto landscape.

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