Filipino boxing champ Manny Pacquiao made international news headlines just recently when he revealed he was releasing his own cryptocurrency, the PAC token. Now, the PAC token is following the 2019 crypto crowdfunding pattern by participating in a preliminary exchange offering (IEO), thanks to Singaporean exchangeGCOX The sale will open on November 12.
Pacquiao at first stated his intents to launch a digital token at a complimentary show for fans in Manila throughout early September. In in between serenading his fans with love tunes, the fighter notified them that they might quickly purchase his product and engage with him on social networks utilizing the PAC token.
At this moment in 2019, carrying out an IEO is a well-proven approach of attracting assistance and interest in a job. Although Binance very first began the pattern back in 2017 with IEOs for Bread and Gifto, it remained in the very first quarter of this year that the concept actually took hold. The prominent launch of Bittorrent sparked a brand-new period of crowdfunding, with a reported $3.4 billion now raised through IEOs to date.
An Exchange for Star Tokens
Although lots of exchanges now provide the chance for jobs to introduce their tokens by means of an IEO, GCOX offers a somewhat various twist on the typical launchpad. The exchange is the very first to provide an IEO platform particularly for stars wishing to introduce their own digital currencies. Although Pacquiao is among the very first to blaze a path in this regard, it appears that there are others most likely to follow, with tennis star Caroline Wozniacki and vocalist Jason Derulo apparently set to follow in his steps.
GCOX is offering a complete suite of services for these “star tokens” that includes the production and listing of tokens on the exchange itself. It will likewise permit fans to trade their tokens for items such as top quality product, or services consisting of special live streaming of occasions, or shout-outs on social networks. There will likewise be a service where fans can contribute to charitable causes backed by their preferred stars, with funds assigned on the blockchain for included openness and security.
Old Principle, New Twist
Although it appears like an unique concept, a celebrity-backed cryptocurrency isn’t always a lot an originality as the next model in the long and effective marital relationship of stars and product. All the method back in 1850, the “Greatest Showman” P.T. Barnum was promoting a Swedish opera vocalist called Jenny Lind with top quality clothes, consisting of gloves and bonnets.
This progressed into the universality of band trip tee shirts, and after that into celebrity-brand collaboration, such as Nike and Michael Jordan. Ultimately, the development of social networks presented a digital aspect to the concept of star branding and recommendations, introducing the age of the influencer. Now, with the increasing appeal of cryptocurrencies and all the possibilities that blockchain brings, celebrity-branded tokens appear to be the inescapable next action of this advancement.
Obviously, Pacquiao isn’t the very first star to get on the crypto train– and even the very first fighter for that matter. The SEC fined Floyd Mayweather in 2015 for having actually promoted rip-off ICO Centratech in exchange for $100,000
Nevertheless, other stars have actually made more effective ventures into the area. Rap artist Akon has actually introduced his own cryptocurrency and blockchain-based community called Akoin. Hollywood star Ashton Kutcher runs his own investment firm for blockchain start-ups, and Lionel Messi has actually functioned as brand name ambassador for Sirin Labs, the Israeli blockchain phone manufacturer.
That stated, Manny Pacquiao is among the very first to market with his own top quality cryptocurrency token. GCOX plainly thinks in the long-lasting capacity of star tokens. If Pacquiao and GCOX make a success of the venture, then other stars might begin to follow the lead. Based upon the long and effective history of star branding, it’s totally possible that star tokens wind up being among the next huge patterns in crypto.