‘Blockchain’s Netflix’ TaTaTu Raises $575 Mln in ICO Presale
Even though the cryptocurrency market has continued to decline since the start of the year, investors’ interest in Initial Coin Offerings (ICO) is still growing. This can be seen as blockchain’s Netflix Tatutu completes a whopping $575 million ICO pre-sale, making it the third largest ICO so far.
TaTaTu labels itself as “the first video-on-demand and social platform to reward users for viewing movies (sic), music videos, sports, gaming and celebrity content.” In contrast with current entertainment platform models, TaTaTu says that its use of the blockchain tech allow viewers to be rewarded for interacting with content.
The basic idea behind TaTaTu is simple; viewers of the content distributed through the service will share in the ad-revenue earned by the service, as will producers who provide their works. The platform launched an alpha release on June 15 for 500 users, yet the press release states that 200,000 people have joined the waiting list to participate in the new platform.
Early users will earn TTU tokens, the native crypto token of TaTaTu, as a reward for testing and using the platform. According to the white paper, revenue from advertisers will also be paid in the native crypto token and all rewards for content will be paid out in TTU as well.
Apart from Ad revenues, TaTaTU, Like Netflix, will produce its own content. Projects reported to be in development include a biopic of Ferruccio Lamborghini starring Alec Baldwin and Antonio Banderas and “The Sound of Freedom” starring Jim Caviezel and Mira Sorvino.
Despite the relative crowding of the crypto market, TaTaTu has brought in considerable support for its ICO, including investment firms BlockTower Capitol and Lvna Capitol, and royalty such as Prince Felix of Luxembourg and also Lady Monika Bacardi, the second heir to the Bacardi Liquor company, who is said to have contributed around $100 million to the project.
— TaTaTu_Official (@TaTaTu_Official) June 22, 2018
CEO Andrea Iervolino of TaTaTu noted that the success of the pre-sale means that it will not be making the token available for public sale. With a $575 million ICO proceed, TaTaTu just became the third largest-funded blockchain project behind Telegram and EOS.
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