At the end of October 2019, the blockchain-focused media company BLOCKTV announced the Nov. 21, 2019, launch of its native cryptocurrency on Bittrex Global. The BLTV token will reportedly be used by creators, advertisers, and creators to improve engagement on the platform. Since the announcement, some commentators have, however, picked apart the real utility of a media token with others calling it nothing more than a “cash grab.”
BLOCKTV’s Token Utility
Israeli startup BLOCKTV first launched in the early months of 2019 and looked to bring high-quality video content to the world of blockchain technology. BLOCKTV is a televised news source for the blockchain and cryptocurrency community, founded in 2018.
Since then, they’ve amassed over 1,200 hours of footage and a following of 11 million viewers. This viewership reportedly touches 25 million if one includes the handful of partnerships between various media outlets.
Launching a cryptocurrency would thus capitalize on such a fast-growing audience.
Although there are three billion total tokens, only 20 percent of this supply will go on sale later this month. BLOCKTV’s white paper indicates that 47 percent will be kept in reserve, 14 percent will go to “strategic partners and marketing,” another 17 percent to a 30-person team, and the final two percent will be given to advisors.The company explained that this audience would not need to compete with any private or pre-sales either. Instead, BLTV will be publicly listed on Bittrex Global on Nov. 21, 2019, at $0.01 per token.
These details reveal a company valuation of $30,000,000, a figure which some in the cryptocurrency space have already criticized.
- Content creation — 40 percent
- Developing BLOCKTV’s “Eye Prove Technology” and “Engagement Center” — 20 percent
- Sales and marketing — 20 percent
- General administration — 20 percent
Although the launch looks like a straightforward fundraiser, the tokens will allegedly have utility within the BLOCKTV ecosystem.
The primary use of the Ethereum-based cryptocurrency is to resolve some of the marketing issues facing the media space in general. At current, marketers have a difficult time measuring the efficacy of their campaigns. This is because there is no precise indicator (specifically in broadcast media) that a viewer or listener has indeed consumed the advertisement.
Much like Brave’s Basic Attention Token (BAT), the BLTV token looks to resolve this problem by creating a novel engagement opportunity between consumers and marketers. When an advertisement appears on the BLOCKTV network, users will be able to scan a QR code at the bottom of the screen to prove that they’ve seen it. This process, dubbed Eye Prove Technology, will earn users BLTV tokens.
Apart from this, the token will also grant holders access to premium content, conferences, and the ability to decide which content the publication should cover via their Engagement Center.