Blockchain Platform for Virtual Gifts Raises $30 Million in ICO

Announcements, Blockchain, ICO News | December 15, 2017 By:

Asia Innovation Group (AIG) has raised over $30 million in its initial coin offering (ICO). AIG said the Gifto public token sale sold out within one minute of opening.

The Gifto ICO opened on December 14th at 12 p.m. GMT and closed at 12:01 p.m. GMT. The company said more than 14,000 supporters applied to Gifto’s whitelist. Its Telegram group was rated by industry observers as the fastest-growing ICO community in the world. The company will be using the proceeds to develop and deploy the product to a worldwide audience.

Asia Innovation Group is the creator of Uplive, a live streaming mobile application with over 20 million users that uses virtual gifting to reward content creators on their platform. The company claimed that millions of people use Uplive to view livestreamed content from over 60,000 content creators on their platform. The company has stated that it will earn over $100 million of projected revenue in 2017 alone from virtual gifting on Uplive.

With Gifto, the company is seeking to change the way people give gifts through the use of smart contracts that facilitate customized, fun virtual gifts to be sent via the ethereum blockchain across all content platforms, including Facebook, YouTube, and Instagram. Gifto achieves this through a decentralized, user-driven model which rewards quality content generation while fostering a richer set of connections between content creators and their audiences. Each of the tokens from the sale can be used to buy these virtual gifts, which any content creator can customize and transact.

“We are excited by the overwhelming demand of our tokens, said Andy Tian,” co-founder and CEO of AIG. “As Asia’s leading mobile entertainment company, we are committed to bringing the best products to our users and this token sale is just the first step to bring blockchain technology and its benefits to the masses in a fun and meaningful way.”

Tian added that they wanted to create a platform that will disrupt the traditional ways in which online content creators monetize their work, such as through advertising or sponsorship revenue. Through their Gifto platform, the 90% of broadcasters who currently see low monetary returns from these traditional methods will now have a new revenue stream through which their fans can directly contribute to them.

“The success of Gifto’s token offering shows that there is a huge market outside of the crypto community that is still new to blockchain technology,” Chris Miess, Co-Founder and Partner of token offering advisory and investment firm Iconic Partners. “The sale of Gifto’s tokens, which can be used for in a real-world application such as virtual gifting, is testament to the fact that blockchain technology has the ability to positively impact the lives of the general public.”