The massive development of VR technology in 2015 and 2016 led to an explosion in AR/VR/360 content. This includes photos, games, and videos. While most startups and hardware manufacturers focus on the entertainment sector, VR advertising holds a lot of potential. Major companies have found that VR is a great way for them to interact with customers.
This includes things such interactive product illustrations, captivating virtual tours of tourist destinations, breathtaking VR movies, the scale, and creativity reached its zenith in 2017. Clearly, the use of AR/VR/360 is proving to be a success story. It is a major paradigm shift, which has already occurred in the world of digital marketing.
What is CyteCoin?
The growth of creating and watching VR/360 content has been propelled by the proliferation of high quality 360 cameras. Data from Facebook shows that millions of its users watch 360 videos daily. This is the same on YouTube, where the videos get millions of views daily.
In fact, Goldman Sachs predicts that VR will be bigger than TV in the coming decade. It is going to generate about 110 billion USD in revenue annually. Another estimate says the AR/VR sector will grow to more than USD 162 billion by 2020. VR user base has grown from just 200K in 2014 to over 43 million in 2016. It is projected to be over 171 million by the end of 2018. However, if this sector wants to grow, it needs a monetization strategy, which will involve advertising. This is where the CyteCoin comes in.
The data is in favor of AR/VR/360 technology. About 96% of the users report that the experience is usually positive. However, advertisers are still not sponsoring content made in the AR/VR/360 format. One of the reasons for this is that the devices used for this purpose are still quite expensive.
Another issue is that the existing video streaming platforms use an old model of showing ads. They show ads at the start or in the middle of videos, a model that does work with AR/VR/360. Besides that, advertisers do not want to spend on AR/VR/360 since there does not exist a model to measure success.
CyteCoin has been designed to decentralize the purchasing, selling, and rewarding of views in VR. To achieve this, it is going to eliminate intermediaries with the help of smart contracts. With smart contracts, a user can advertise content on CyteCoin. The content will now be live, and content viewers, producers, and influencers can interact with the advertiser via a smart contract. They will then be rewarded with CyteCoin for helping get attentio to the content. Each ad view and click is communicated to the smart contract.
CyteCoin ICO (CTC Token) Details
Crowdsale Launch Date & Time: 7 Jun 2018 – 11AM Hong Kong Time EST
Platform: Ethereum Blockchain
Minimum Financing: US$5 Million
Hard Cap: US$25 Million
Total Supply: 1,000,000,000 CyteCoin
The private sale is already live. It will end on April 30, 2018. The crowdsale for the CTC tokens will launch on June 7, 2018. Half a billion will be sold to the public out of the one billion tokens created for this platform. The platform has a hard cap of USD 25 million and a soft cap of USD 5 million.