Netflix-Like Firm TaTaTu Secured $575 Million on Ethereum, Only to Cut Out Blockchain Plans
In one of the biggest turnarounds ever witnessed in the crypto industry, video streaming platform Ta Ta Tu has ditched the cryptocurrency market, after raising funds totaling $575 million on Ethereum.
The million-dollar token is now a sort of a reward for watching videos on the platform.
A Massive Turn Around
The initial coin offering of the video platform was arguably one of the biggest in 2018. The token gained a lot of attention especially from celebrity figures who openly endorsed and participated in the token.
Worthy of note was the contribution of royals like Lady Monika Bacardi of the famous liquor family, who openly endorsed the token after its publicity by film producer Andrea Lervolino. Before this arise, Lervolino was best known as the producer of hit movies like ‘’Finding Steve McQueen’’ and not forgetting ‘’Bernie the Dolphin.’’
As the momentum of the token project started to finally gain enough attention and validity, Ta Ta Tu moved on and ditched cryptocurrency. This one act by the company has pinned the industry to the wall, unfortunately citing yet another company that used cryptocurrency to gather funds and leave at its own convenience.
Never Part of the Plan
While the crypto world was fuming and moaning about being used to gather funds, Lervolino was emphatic in declaring that Cryptocurrency was never really the point.
When asked if Ta Ta Tu is a blockchain business, he was very clear, stating:
‘’Not at all. We have one blockchain component in our system.’’
However, at inception, the Ta Ta Tu project was originally meant to offer a traded cryptocurrency, which attracted investment from Ari Paul’s Block Tower Capital and Oscar award-winning Actor/Producer Johnny Depp, both of which representatives declined to comment on the scenario.
A New Wave
The token sale and its publicity generally shut Lervolino into fame and popularity. Around the time of the sale, he was cited with stars such as Musician and Actor Selena Gomez on a yacht and also produced a movie for the Ta Ta Tu platform starring Hollywood greats such as Antonio Banderas and Alec Baldwin.
Crypto experts are of the stern opinion that the token sale was a form of exploitation on the crypto industry, but Lervolino is not buying the idea, stating unapologetically that the start-up was only creating a circular economy that rewards users with tokens for watching films, fashions shows and sporting events.
Initial coin offering for tokens is one of the fiercely contested topics in the crypto industry. While some of the experts claim its fraudulent, others are of the opinion that it’s a good way to crowdsource funds, only if regularly monitored.
Some Tokens, however, are looking for ways to protect users' identity and maintain privacy in the crypto space. Bitcoin Exchange Guide.com reported earlier in the month that a new project called Grin Project is determined to protect users identity by using the Wimblewimble technology to obfuscate the activity of the user so that the others won’t know what he/she is doing at the particular time.