Ethereum Based BAT ICO Raises $36 Million in 30 Seconds to Disrupt Advertising

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The latest token sale on ethereum’s network is over almost as quickly as it started. The Basic Attention Token from Brave Browser raised some $36 million worth of eth in around 30 seconds.

Some managed to get through with just ten eth, but the majority went to big investors, with the largest sum sent being more than 20,000 eth, currently valued at around $4.7 million.

investors rush to buy bat tokens – image source etherscan.

The second biggest isn’t far behind, sending around $4 million, with two more following at around $2 million and a lot more at around $1 million, giving BAT a total number of 190 token holders.

That makes it one of smallest amount of token holders so far and the quickest ICO sale at this level of funding, a fact which may raise questions on how such sales should be slowed down so that everyone can have the opportunity to buy a portion.

Because otherwise, since holdings would be so concentrated, price might easily be inflated or deflated once it is listed for trading, by withdrawing supply or adding it to the market in significant numbers.

But this ICO isn’t the only one where you didn’t really have a chance of participating. There appears to be a thirst for investment opportunities in eth’s community, so token sales usually go out faster than hot cakes.

This one in particular has drawn much attention because it aims to disrupt advertising by allowing users to opt-into targeted and non-intrusive ads in return for some BATs.

BAT’s business model – image source from BATs.

The advertisers buy tokens, which are then given to readers and publishers based on the amount of attention a user provides to that specific content.

It is an experiment, which may well fail, but BAT complains the advertising industry is letting down most publishers as Google and Facebook take 73% of all ad dollars, as well as 99% of all advertising growth.

They hope to create a new business model, where publishers are rewarded not for clicks, but for attention, thus potentially preventing fraud which BAT says costs the industry some $7 billion a year.

They are not the only one looking to see if the token model, which ethereum has now made available, can become a new, “better than free,” business model, where end users are not only given content, but also paid to read it.

KiK, one of the most popular chat app, recently announced they are to launch an ethereum based token called Kin, with plans to use that as an alternative incentive model to advertising for publishers and developers.

That means the breadth of ethereum’s network has expanded once more, now to the advertising industry, as the implications of smart contract’s inventions, the tokens model, DAOs, and all the rest, continue being tested.

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