Blockchain multimedia platform, Current Media, has announced an airdrop in lieu of its planned token sale. The announcement comes after the company achieved its full $36 million hard-cup in pre-sale.
The project, which counts media entrepreneur Mark Cuban as both an investor and advisor, has been one the most popular blockchain projects of 2018. The pre-sale was originally scheduled to run from the 7th February until the 21st, and the public sale itself had been due to last for three weeks beginning 14th March.
Airdrop Stimulates Further Interest in Post-Funding Phase
However, with 250,000 potential investors lining up to be whitelisted, the target was quickly raised in pre-sale which was closed ahead of schedule, with the main sale being cancelled altogether.
In order to address some of the disappointment felt by many, the ICO’s project team have decided to organise an airdrop lottery of $4 million of tokens. Interest in the project has continued to grow since the announcement, with the group’s Telegram channel now hosting over 79,000 members.
Current Media is an iOS app that allows users to stream media content from YouTube, Spotify and SoundCloud. The team are now creating a token economy around the platform that rewards all parties in the ecosystem.
Users will earn tokens when they consume content, while creators and curators will also be rewarded for their work in bringing quality content to the platform. Under the proposed business model outlined in the project’s white-paper, host platforms will continue to earn revenue and retain user data.
The team hope to add new host platforms including Netflix and Hulu in the future. In the fourth quarter of 2018, platforms for Android and Windows will also be launched.