While ethereans are huffing and puffing like little muffins about their hugging of $300, some may be happy to learn they can now own a lambo… well, a bit of it.
Tend, a new start-up, says you can buy part of a vintage luxury car, or maybe a slice of pop art, or, if you like, even some fine wine, and receive an onwership-token in return.
On top, the shared ownership comes with benefits too. You can drive the car around, for example, for four days. Likewise, you can hang the “bought” art on your wall for a brief period.
Just how much that would cost to buy, or in how many tokens the lambo would be “broken up,” is not clear, with the start-up telling Trustnodes:
“The TEND platform is an investment platform where small networks of likeminded individuals will be able to connect and share their passions as well as earn a potential return, allowing them to invest into their interests while diversifying their wealth.
We have already built a working alpha version of the product and tested it with a group of early users.
The sourcing of the assets is driven by our customers’ and not by us pushing any kind of assets onto them. The goal is to offer assets with purpose and meaning which will lead to a very customized asset’s offering.”
Only a one pager is provided for some more detail. The whitepaper is to be published next week we are told. The one pager, as you might expect, is a high level view mixed with marketing speak, but they do say this:
“TEND uses the Ethereum blockchain to run its application and to tokenize (i.e. convert and certify) the client assets.” The website further adds:
“First, an asset is undergoing the procedure of a due diligence to authenticate the asset. The asset is then split up in parts/shares and the associated experience per share is defined. The result is certified and the individual shares are put on the blockchain to be registered and be tradable thereafte.”
How they keep stock of who has consumed the experience and who hasn’t, isn’t clear. Nor is it clear whether the experience refreshes once the token is sold again or whether it’s a one off. We are simply told:
“Each investment is linked to pre-defined real-life experiences. This combination is defined upfront and transparent for the customers. If you sell your investment, you don’t have access to the related experience.”
They are of course having an ICO sometime this December, hoping to raise $30 million. With the company not raising any VC funding, so relying on what they call a Token Generating Event (TGE).
The concept is overall interesting, but details are lacking. Which may be because they have not yet finalized them. Suggesting it may all be a bit rushed.
The website, for example, lists only one individual, the founder. There is, as of now, no whitepaper, thus as good as no detail. No explanation of what would happen if these very rare goods are damaged, either fully by accident or slowly by wear and tear. And there is no publicly shown prototype of the product.
That’s on top of the usual points to make. Such as no track record in this specific endeavor, no revenue or profits data, nor any good explanation why they want so much for something that, effectively, is just a concept.
A concept that is interesting indeed, but of those there are plenty, with execution being key. And here, with so many moving parts, that execution must be very complex.
So we do not know at this stage whether they will deliver. Which is why a seed funding TGE first round would have made more sense with a cap of perhaps $1 million. Once they show some numbers, they could have then come back for a second round.
It works in the traditional VC world, and it does so for very good reasons. There is no articulation as to why it should be any different in this space. Nor why a non-existent business needs so much right off the bat.