A new blockchain-based platform for the adult industry is set to reward fans with cryptographic tokens just for watching adult content. Viewers can then redeem tokens for discounts on premium content and other services from leading adult entertainment websites.
Blockchain company Vice Industry Token Inc. has launched the cryptographic tokens – called “VIT” ‑ that they can redeem to view premium content and other products and services from from a range of partner websites and adult entertainment platforms.
According to Vice Industry Token CEO, Stuart Duncan, the adult video entertainment industry comprises 62% of the porn industry’s revenue and represents 30% of global internet traffic. However, as the media landscape has become more crowded with content, competition for viewer attention is increasing and advertising revenues have fallen rapidly.
“The commercial model with sponsored content is broken,” says Duncan. “People’s attention is a valuable and scarce resource. The Vice Industry Token platform upends the ad-driven commercial model to capitalize on the new “Attention Economy”, permitting porn publishers to actively engage with viewers by rewarding them with VIT for their genuine attention and authentic engagement.”.
To earn VIT when viewing content on participating websites and platforms, registered fans will be asked to perform specific actions set by the site curator – such as upvoting, commenting, or sharing. Each authentic engagement will earn viewers a fractional amount of VIT, with additional VIT simultaneously distributed to the content producers and curators.
Additionally, viewers who buy VIT during the token sale will receive discounts of up to 80% for products and services from a select number of partner publishers. More information on the partners and the specific products and services will be made available before the token sale commences.
“People are always going to watch porn – it’s a booming global business. The current advertising-driven model is hugely flawed and ridden with fraud,” adds Duncan. “In contrast, the Attention Economy model lifts the bar for everyone involved. It rewards viewers for authentic attention, and incentivizes producers and curators to develop high quality, engaging content for which viewers will be willing to pay real attention.”
Vice Industry Token Inc. will conduct a sale of VIT tokens on February 15, 2018 and will make betwenn 2 billion of the 4 billion tokens generated available for sale to the public. On 11 January, the company created a registration process that allowed prospective buyers to reserve the right to purchase tokens during the token sale in exchange for a small reservation fee. In under 5 days, porn fans reserved more than US$5 million of VIT.