Are Celebrity Tokens Worth the Hype?
Caroline Wozniacki, the world number female tennis player, has announced that she will launch her own cryptocurrency token on the Global Crypto Offering Exchange (GCOX). The token holders will redeem their tokens for a variety of exclusive items.
The GCOX trading platform is renowned for signing deals with popular sports celebrities across the world. In addition to Wozniacki, the exchange has also reached agreements with former English Footballer, Michael Owen and Filipino boxing legend, Manny Pacquiao. After tokenizing this figures, GCOX hopes to establish a popularity index that compares the performances of various superstars.
Additionally, GCOX intends to introduce the support for trading pairs involving ACM, the platform’s native token, and the various tokens affiliated to the celebrities. The celebrity tokens can be used to acquire exclusive items form the stars. Some of the items on offer include pay-per-view streaming, interactive sessions and meeting the celebrities physically. Also, users will have access to auctions where they can sell items in exchange for the personalized celebrity tokens.
Jeffery Lin, the CEO of GCOX, hinted that the first token could go live in 2019 Q1. As mentioned earlier, the platform will act as a popularity index for the tokenized superstars. The popularity will be gauged using the market cap value of each specific token. The developers of the GCOX platform are confident that the inclusion of celebrities will encourage more people to embrace the concept of a tokenized economy.
Due to the flurry of blockchain projects in the crypto space, the strategy adopted by the GCOX platform seems to be a cumbersome means of achieving an obstinate outcome. Moreover, most celebs are unlikely to subscribe to this idea. The objective of the GCOX platform can easily be realized using an ICO model. In that case, investors would buy tokens which can be used to vote for their favorite celebrity in exchange for the items offered by GCOX.
Fundamentally, there is no need for each celebrity to have their own personalized token. Also, the listed celebs are putting themselves at risks of being sued for issuing unlicensed securities.