The “Blockchain’s Netflix ICO” TaTaTu Raises $500 million
The crypto markets may be in the doldrums, but TaTaTu and its investors don’t seem to have noticed. With private pre-sale proceeds of $575 million, the startup has just completed the third largest ICO in history, just behind EOS and Telegram.
CEO Andrea Iervolino said that the success of the pre-sale meant that “we will not be making the token available on general sale.” Though he realised that “many will be disappointed” by that news, “we feel this is the right approach.”
TaTaTu describes itself as “the first video-on-demand and social platform to reward you for watching moves (sic), music videos, sports, gaming and celebrity content.” In contrast with current entertainment platform models, TaTaTu says that its use of blockchain allows for viewers to be rewarded for interacting with content: “because the user is not the product.”
Aristocracy and Lambos
The team behind the so-called “Blockchain Netflix” has managed to attract support from blockchain investment firms BlockTower Capital and Lvna Capital, and also, apparently, from Prince Felix of Luxembourg and Lady Monika Bacardi, second heir to the Bacardi Liquor company. Lady Bacardi is said to have contributed around $100 million to the project.
As the company tweeted out to its 4,000 followers, with a cast like that, “we could produce a movie about us.”
— TaTaTu_Official (@TaTaTu_Official) June 21, 2018
Like Netflix, its obvious model, TaTaTu will produce its own content. Projects reported to be in development include a biopic of Ferruccio Lamborghini starring Alec Baldwin and Antonio Banderas and “The Sound of Freedom” starring Jim Caviezel and Mira Sorvino.
The platform claims that it already has a waiting list of over 200,000 users eager to give it a go. The Beta version is due to be released on July 1st.