Thrive, a blockchain-based ad platform, has announced that its token sale is now over. The sale raised $26 million, which was 85 percent of the target. Given the recent weakness in the cryptocurrency market, this was a solid result and shows that demand for ICOs is still strong.
The token sale ran from 10th March until 5th April, during which time Bitcoin’s price fell 23 percent and Ethereum 48 percent. The Thrive team appear to have hedged well for the risks posed by volatility in ensuring that its tokens were priced in Euros rather than in crypto.
Blockchain to Cut Out the Middleman
Like many blockchain projects, Thrive is taking on the defacto advertising monopolies held by Google and Facebook. Specifically, Thrive’s “meritocratic & community-based Premium Advertisement Market Place,” will take on Google’s AdWords model.
The platform will allow websites and digital marketers to buy and sell advertising space. Consumers that voluntarily share anonymous data or review websites will earn token rewards. The platform will essentially aim to cut out the middleman, allowing advertisers to pay less to reach their audience, and allow websites to earn more.
Predictably, this is a competitive space with numerous blockchain projects building solutions that allow advertisers to reach their audience, without a middleman taking a big cut.
To build substantial network value, these projects will need to attract significant numbers of media assets and advertisers. However, unlike other industries, some of these platforms can prove their business model with a relatively small number of customers. Analysts will be watching the space closely to see which business models gain traction.