Today marks the next phase of DESK as we integrate our social token into our broader user experience. Now, our readers have the opportunity to earn DESK by reading articles, watching videos and other interactions on CoinDesk.com.
We built DESK, our evolving social token product, to be a mechanism for returning the value of engagement directly to the users who create it. We first experimented with this engagement-rewards model when we piloted a beta version of DESK at Consensus 2021, a virtual-only experience. A year later, we brought DESK out of beta and into the IRL Consensus experience on the ground in Austin, Texas.
Now we’re ready to fuel the DESK experience year-round. To amplify this week’s launch of Consensus Magazine, we’re using DESK to drive engagement with our content ahead of the upcoming Consensus 2023, the most important conversation in blockchain, crypto and Web3, happening April 26-28, again in Austin.
How to use DESK
Readers can find claimable DESK rewards on Consensus Magazine articles, Carpe Consensus podcast episodes, and Consensus-related CDTV episodes. They only need to create a coindesk.com account to claim DESK rewards on our website.
Claimed DESK rewards will accrue in each reader’s CoinDesk balance found in the DESK Hub. When they’re ready to use their tokens in the broader DESK ecosystem, readers can transfer their DESK from coindesk.com after connecting their Web3 wallet. Starting today, readers can redeem their tokens for a variety of non-fungible tokens (NFT) – pieces from featured artists, community PFPs, Consensus discounts and more. They can also use their DESK to access token-gated channels and Web3 features in our Discord community.
DESK can also be used to participate in tokenized polls and community proposals in our SnapShot space. We’re hard at work developing more DESK redemption opportunities, including a merchandise store where readers can redeem curated physical items and ways to super-charge their Consensus 2023 experience in April.
Joining the Web3 Movement
By doubling down on our experimentation with Web3 models through DESK, we’ve become active stakeholders in the space that we’ve been covering objectively since 2013. We view this work as critical to deepening our understanding and highlighting the potential of this paradigm-shifting technology.
These rewards serve as recognition and thanks to our engaged readers. By integrating our content with a tokenized layer, we aim to continue breaking away from legacy media’s one-directional model and build a virtuous feedback loop. As we continue to build out DESK functionality, this feedback loop will help us better align with our readers and empower them to participate in the development of our social token model.
DESK is utility, not money
While some social token models aspire to deliver financial gain to their holders, DESK is different. We have no plans to monetize DESK. DESK does not have a limited supply, making it inflationary by design. In fact, buying, listing or selling DESK on decentralized exchanges is against our Terms of Service to protect users from treating DESK as an investment product. DESK is not a money-making opportunity, and the tokenomics almost guarantee attempts to monetize the token will end in a net loss.
The blockchain provides a system where strangers can contribute to a collective effort, laying the foundation for a new type of organization: the tokenized community. We've seen examples of this new type of community over the past few years with NFT communities and distributed autonomous organizations (DAO). DESK is meant to highlight this non-financial application by tokenizing the value of audience engagement and returning this value to community members by providing access, influence and utility.
What’s next for DESK
This rollout marks only the beginning in developing our Web3 model for DESK on coindesk.com. While we’re proud of this upgrade, we recognize there’s room for improvement – especially our wallet functionality, currently in beta. By opening the doors to the public to claim and use DESK on the site, we aim to collect data and reader feedback to continue improving the experience.
At the heart of every successful Web3 product is a strong relationship between the participants and the developers. DESK is no different. Now that we’ve brought this experiment in innovation to our media platform and opened it to the world, we look forward to building the future together with our amazing and passionate community.
Claim the reward below to join us.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.