Blockchain company, Vice Industry Token Inc. has raised $22 million in Ethereum less than 24 hours after it launched the crowdsale of its cryptographic Vice Industry Token (VIT).
The new blockchain-based platform for the adult industry rewards fans for free with VIT simply for watching content. Viewers can redeem tokens for discounts on premium content and other services from leading websites. Vice Industry partners include major industry brands Penthouse and Exxxtasy.
“We are excited to see the positive response to our groundbreaking platform through our token sale,” says Vice Industry Token founder and CEO Stuart Duncan. “The support of our community is key to our success, and this is just the beginning.”
As the media landscape has become more crowded with content, competition for viewer attention is increasing and advertising revenues have plummeted. Vice Industry Token Inc. founder and CEO Stuart Duncan calls the current model based on sponsored content “broken.”
The Vice Industry Token platform, on the other hand, capitalizes on the new “Attention Economy,” which recognizes people’s attention as a scarce and valuable resource. The platform allows publishers to actively engage with viewers by rewarding them with VIT for their genuine attention and authentic engagement.
“Content producers are essentially creating their own money and economy for their community. Major international producers of adult media have decided that a community currency is just as valid as fiat for their business. This is where blockchains are taking the world,” Duncan says.
Paid Whitelist Reservation
In an effort to combat the dominance of “whales” in its ICO and allow its significant community support base to have the best possible chance to participate in the token sale, Vice Industry pioneered a paid whitelist reservation system for its token sale.
Participants paid a fractional amount of ETH based on the total value of tokens they intended to purchase. The process was initiated to protect contributors who often scramble to apply to oversubscribed whitelists which do not necessarily result in being able to participate or alternatively given a minuscule amount to contribute. Within 24 hours of announcing the reservation fee, the company had already received whitelist fee payments in excess of $200,000.
“We believe that the reservation fee model for token sale whitelisting helps to level the playing field for the vast majority of buyers,” adds Duncan. “We hope that the rest of the industry will follow suit.”
In another move to shake up the current ICO format, the VIT sales contract includes a unique refund functionality. After the crowd sale ends, buyers can either claim their proxy tokens, which are immediately released into the customer’s Ethereum wallet, or the buyer can request a refund, and the original ETH paid will be refunded back into the customer’s wallet and the refunded VIT tokens will revert to Vice industry.
The refund function will expire on June 28, 2018. The refund function was introduced in order to offer early buyers the opportunity to use and experiment with the platform to ensure that the VIT network offers them value.
Main Crowd Sale
The crowd sale continues until March 20, when buyers will receive their VIT ERC-20 proxy tokens. Two billion of the four billion tokens generated will be available for sale to the public during the sale. Viewers who buy VIT during the token sale will receive discounts of up to 80 percent for products and services from select partner publishers.
Meanwhile, the Vice Industry Token testnet is already live. The mainnet will be live June 28, 2018, when the native blockchain launches, and proxy tokens will be available immediately after the crowd sale that can be redeemed for premium content and products provided by approved VIT merchants.