It seems everyone and their dog is planning to launch a cryptocurrency of some sort these days. One would almost think the early days of altcoin development are back, but these new coins all serve very different purposes. FashionTV is the latest large entity to announce plans for a cryptocurrency and an ICO.
While it may make a lot of sense for companies and TV networks to create their own digital currencies, convincing the general public is a different matter altogether. With FTV Coin, FashionTV is headed down a very interesting path. Issuing a digital currency doesn’t necessarily serve a purpose, even though there will be some use cases for this token in the long run.
FashionTV announced the launch of their digital currency not that long ago. It seems the pre-sale of FTV Coin is already underway, and that it’s mainly designed to access Fashion TV products and services. Anyone who is not part of the FashionTV ecosystem will not necessarily have a use case for this token, which is only to be expected.
Interested parties can participate in FTV Coin’s pre-sale using Bitcoin. It also seems Bitcoin will be an accepted payment method for the aforementioned products and services, although that situation may change once FTV Coin is launched. It is quite interesting to note that several industry experts have contributed to this project. The list includes Magdalena Isbrandt from House of Nakamoto.
As one would expect, FTV Coin is an ERC20 token which resides on the Ethereum blockchain. Use cases for this coin will include buying various FashionTV products including “classic services” as well as luxury goods. Moreover, this venture may be the first to bridge the gap between fashion and blockchain technology in a meaningful manner. FashionTV also wants to bring more transparency to allow models to optimize their earnings and receive fair treatment.
For the time being, quite a few details regarding FTV Coin’s ICO have yet to be filled in. Considering that this is only the pre-sale, it will be interesting to see how much interest there is in this project. With the price ranging from US$0.20 to US$0.30, these tokens are not all that cheap by any means. A total of 1.5 billion FTV will be created in total, although not all of them may be sold in the end.
Whether or not FTV Coin is a currency a lot of people will be interested in remains to be determined. Any initiative to bridge the gap between fashion and blockchain deserves a fair chance, especially if well-known brands are throwing their weight around to make it all happen.