Having already raised $21 million in its presale, You42 wants to make up the difference when it begins the sale on July 2nd.
What is You42?
According to its creators, it is the world’s first social entertainment platform based on blockchain technology. It aims to connect entertainment content creators with their followers.
Helping those with flair but no funds
The project addresses the dominance that major studios have on artistic creativity with a small number controlling the exposure of creative works and demanding a high price for the privilege. You42 offers a new way for creatives to engage using blockchain and seeks to cut-out studios in the process.
Users on the platform are able to monetize their skills whether that is through music, sports or gaming. New works can be created using ‘creative tools’ with the idea that creatives who have plenty of skills but no capital to set their careers off, make a head start. There are also publishing features on the platform to provide a big audience for artists of all kinds and creatives can choose to make their work ‘exclusive’ as a reward for the fans who follow them.
The U42 token
Using the platform’s, token, the U42, users choose how they want to spend to advertise their content. The ERC-20 based token is a service token that can be used to buy advertising at a rate set by the platform at the time of purchase. The top-ranking users will receive the tokens to reflect their level of contribution on the platform. It is also possible to buy Ucoins which are used to communicate and interact with other users.
The ICO aims to raise funds to continue development of the platform and the growth of the You42 community – the token generation event will see 525 million U42 tokens and there will not be any more available. For more information on the sale, interested investors can visit: https://u42.io/