TaTaTu Token has sold over $575 million worth of its currency through an initial coin offering (ICO), making it the third-largest coin offering, behind Telegram and EOS, respectively. Known as TTU tokens, the currency is the blockchain entertainment platform’s central unit of exchange, and all private sale proceeds will go toward funding technical development and growing the company’s customer base.
TaTaTu is a decentralized system that financially rewards users for viewing content and referring their friends and family to the platform. Users can earn TTU tokens by streaming films and related projects at no cost and by voting to choose which types of content TaTaTu should host in the future.
All projects are monetized based on the number of views they receive, and creators earn funds depending on their projects’ popularity. In addition, views and finance reporting are recorded in real-time on the TaTaTu blockchain, thereby limiting the threats of piracy.
“The industry’s response for TaTaTu has been overwhelming as the TaTaTu Token has secured one of the largest private sales of digital token,” said CEO Andrea Iervolino. “The response is further validation that our model of acquiring and producing our own content mixed with rewarding users with TTU tokens to watch that content on the platform will benefit everyone — including content holders, users, brands and advertisers.”
Among the project’s many supporters are Prince Félix of Luxembourg, cryptocurrency investment firms Lyna Capital and BlockTower Capital, and film producer Lady Monika Bacardi.
“I’ve worked and invested with Andrea for many years — dating back to his first movies over [a] decade ago, and it has been rewarding every step of the way,” Bacardi said of the company’s chief executive officer. “TaTaTu is [a] sophisticated and intuitively brilliant modeled platform that reinforces my bullish stance on the promise of blockchain technology and cryptocurrency.”
The platform has been in alpha testing since late May, but it has already attracted over 200,000 registrants. Among the company’s early projects is a film entitled The Sound of Freedom, starring Oscar winner Mira Sorvino and Jim Caviezel, who starred in 2004’s The Passion of the Christ.
Films will serve as the company’s primary staple of entertainment, though TaTaTu is looking to add sports, games and music for its users to enjoy in the future. Executives are also looking to build deals with production companies to increase TTU token usage and make it the primary digital asset for both media and entertainment ventures.
Ari Paul, managing partner at BlockTower Capital, stated, “I’m excited for projects that will spread cryptocurrency beyond the current <0.5 percent of the world that holds it. TaTaTu is a crypto driven content platform that’s likely to get major mainstream traction.”
At press time, TaTaTu had not replied to Bitcoin Magazine’s request for comment.
This article originally appeared on Bitcoin Magazine.