The cryptocurrency market has seen many different innovative initial coin offerings as the tokenization revolution kicks off. Entrepreneurially minded individuals have used token offering to fund new social media platforms, lending services, and even banana plantations.
All of these initial coin offerings, however, share one common feature- they actually do something. Successful Initial coin offerings all provide investors with the ability to use the tokens they purchase at a later date, whether that be trading cryptocurrencies, lending capital to one another, or receiving dividends from investing in bananas.
A new initial coin offering has recently started marketing that doesn’t offer users anything at all. The XMAS Token is an initial coin offering that promises to provide investors with absolutely nothing in return for their crypto apart from use as a “gift token”.
In this article, we’ll take a look at the XMAS Token and find out what the point is to help you determine whether it’s worth wasting time on.
What Is The XMAS Token?
The XMAS token website states the crypto community is missing “holiday spirit and fun”. Promising “fresh holiday spirit”, the XMAS Token has apparently been created to function as a symbol of “appreciation, gratitude, and thank you”.
How The XMAS Token Works?
The white paper on the XMAS token website doesn’t really provide any answers. As far as the XMAS token website is concerned, XMAS tokens are created by “elves” and can be used in lieu of traditional gifts.
It’s fair to say that these tokens aren’t really good for anything apart from an extremely speculative foray into yet another altcoin. The feasibility of sending XMAS tokens to family members or loved ones as a gift is low, unless your entire Christmas gift list is filled with individuals that are embedded in the crypto ecosystem and are familiar with altcoin trading.
If you’re really interested in sending crypto to family members this festive season, it’s probably best to provide them with actual, worthwhile cryptos that have a high market cap- such as Bitcoin or Ethereum, instead of useless tokens that provide no value whatsoever.
The XMAS Token ICO
The XMAS Token ICO is releasing a total of 4,000,000 XMAS tokens. 3 million of these tokens will be available in the XMAS Token crowdsale, which will begin on the 11th of November, until December 9, 23:59 UTC.
XMAS Token is reserving one million of the tokens that will be created to distribute them among subscribers of “Santa’s Gift List”, which functions as a bonus. According to the XMAS Token website, “All XMAS tokens which will not be sold in the crowdsale will be burned by elves after ICO closure.”
XMAS Token Verdict
The XMAS Token ICO is absolutely irrelevant and contributes nothing to the crypto ecosystem. Our opinion? Don’t encourage the devaluation of the token industry by supporting frivolous, almost-fraudulent ICOs such as this one.