Another day, another interesting use of the blockchain technology. This time round, we are talking about using decentralized computing by celebrities to keep in touch with their fans and scoring advertising deals. Yes, this would assume kicking the middleman out of equation, making for a that much better experience, while cutting costs across all sides. Let’s take a look what this is all about, shall we?
TokenStars – the celebrities’ network
As we have discussed before, some celebrities have already tried their luck in cryptocurrencies and ICOs — including Paris Hilton, Jamie Foxx and Floyd Mayweather — and now TokenStars is looking to bring more of them on board. It started with 15 stars, including:
- World football/soccer champions Lothar Matthäus and Gianluca Zambrotta;
- Tennis players Tommy Haas, Cedric Pioline, and Robin Soderling;
- NHL top-scorer Nikita Kucherov;
- Hollywood photographer Rico Torres;
- American DJ Redfoo (LMFAO);
- Poker player Alexander Anter;
- Bitcoin evangelist Roger Ver.
And these folks are just a start, with TokenStars targeting a global celebrity management market that is worth more than $100 billion. In fact, the company aims to disrupt the monopoly of the top 10 talent management agencies that control a quarter of that figure.
Their solution is a blockchain-based celebrity management platform that could help stars connect with fans and advertisers directly without having to deal with agents and their hefty fees.
Built on Ethereum, TEAM by TokenStars aims to streamline the way brands, fans and celebrities interact with each other, whether it’s an endorsement contract, fan competition or a merchandise shopping.
How TokenStars works?
The platform enables different community members to have different goals. For instance, an aspiring celebrity could use TokenStars to get upfront funds to drive a career from their avid fans or via advertising contracts. On the other hand, an established star could create a new revenue stream by selling merchandise or exclusive communication options to fans, start a contest or a charity initiative, or find new sponsors. Finally, fans get a new channel to support the efforts of their favorite stars.
TokenStars on its end sits in between but as a tool taking a small cut as opposed to the agency that would charge a premium and then some. This “cut” is paid in tokens, which are bought on exchanges, and which value goes up and down depending on the supply and demand.
An entire ecosystem
The TEAM platform consists of 12 major modules divided into four layers by function.
The first layer, crowdfunding, is already live and it includes the modules targeted at celebrities looking to raise funds for advertising contracts or support charity initiatives; also, it is made to enable fans to become part of the TEAM ecosystem.
The Contests and Charity module launched in December 2017, and is currently powering the Charity Crypto Auction, where celebrities donate some of their personal items that are being sold at the auction. Memorabilia items from Redfoo (ex-LMFAO), crypto-star Roger Ver, and biathlon Olympic champion Tarjei Boe are just some of the items being sold.
Two more modules of the TokenStars platform will be launched in the first quarter of 2018.
The token / cryptocurrency
TEAM by TokenStars is the utility token used in activities on the TokenStars platform. It will be used to reward users for scouting rising stars, as well as for all other trade taking place on the platform.
The company has already raised over 4.9 million in the ACE token sale for tennis, and is now switching to the TEAM token; which combines sports and showbiz into an ecosystem that “brings world-known celebrities, fans and advertisers under the same roof.”
The TokenStars TEAM sale is now open and will last through February 28. You may want to check it out… Cause it does sound promising.