Could Celebrity-Issued Cryptocurrencies End Up Being a New Pattern?

Could Celebrity-Issued Cryptocurrencies End Up Being a New Pattern?

World second tennis expert, Caroline Wozniacki prepares to release her own digital token with celeb blockchain platform Worldwide Crypto Offering Exchange (GCOX).

Fans of the Danish ace will become able to trade the tokens for numerous special benefits.

Star Tokens: Next Huge Thing or Outright Effort to Money In?

Tennis expert Wozniacki has actually ended up being the most recent sports star to sign a handle Worldwide Crypto Offering Exchange (GCOX).

The start-up prepares to release celeb tokens, producing a type of “appeal index” of those stars included. Wozniacki signs up with football star Michael Owen and fighter Manny Pacquiao in the waiting list to be tokenised. Pop star Jason Derulo is likewise among the hopefuls.

GCOX prepares to provide fans an exchange where they can switch the platform’s own token (ACM) for the numerous celeb tokens ultimately available. These tokens can then be utilized to purchase special presents straight from the stars. Examples offered on the platform’s site consist of: interactive sessions, pay-per-view streaming, and fulfill and welcome sessions.

Likewise consisted of will be an auction service for fans and stars to offer proper products in exchange for the celeb’s customised token.

Jeffrey Lin, CEO of the platform, spoke with Reuters about the launch of celeb tokens:

” If whatever works out, very first quarter of 2019 will be the very first celeb token and it might be Michael’s, it might be Manny’s, I am not exactly sure yet.”

The platform will likewise work as a sort of appeal index of the stars included. Probably this will be attained by method of market capitalisation. The creators of the platform hope that by including figures from pop culture in cryptocurrency, it will motivate more individuals to accept the concept of a token economy.

Nevertheless, similar to the concepts of numerous blockchain business, tokenisation of stars in the method proposed by Worldwide Crypto Offering Exchange appears a tiresome method to attain some relatively asinine outcomes.

To anticipate sufficient of the world’s population to wish to reveal their gratitude of a celeb with their wallet for this appeal index to bring any sort of significance appears, at best, improbable. Similarly, simply the number of “superstars” is GCOX preparation on doing handle?

Obviously all of them if the “reliable” ranking system is to have any weight at all.

Precisely the exact same outcomes might likewise be attained without utilizing a digital token or ICO design. Individuals would pay the business funds (crypto or fiat) and in exchange they would get tokens that they can “vote” for their preferred celeb in exchange for the type of benefits available from GCOX.

It’s for that reason uncertain why each specific celeb would require their own token and asks the concern whether Michael, Manny, and Caroline may all be taken legal action against in the future for their part in releasing an unlicensed security.

 Included image from Shutterstock.