On various occasions we have seen actors and famous artists promoting initial coin offerings (ICOs) or expressing interest in blockchain platforms and cryptocurrencies, but this time we are writing about FashionTV, a famous platform covering the fashion and celebrity world. FashionTV (FTV) announced it would accept cryptocurrencies as a method of payment for its services and would also launch an ICO campaign very soon.
The announcement of the token and the ICO was made during the recent event organized by FashionTV and it was followed by an official statement from the company. The token will be called FTV Coin Deluxe and it will be used to pay for the products and services offered by FashionTV, to gain access to exclusive shows. The new cryptocurrency will also be used in restaurants, clubs, residences owned by the company and hotels. FTV Coin Deluxe is an ERC-20 token based on the Ethereum blockchain network.
The announcement of the new token was followed by another announcement in which the famous fashion TV company announced it would start accepting some of the most popular cryptocurrencies as a method of payment for their services. The company mentioned the following cryptocurrencies: Ethereum, Bitcoin, Litecoin and Ripple. This novelty announced by FTV is one of the first cryptocurrency initiatives launched by a fashion and celebrity platform.
Michel Adam, the president of the company, talked about the history of the company that was launched in 1997 in Paris, the capital of France and then revealed the new cryptocurrency. The announcement was followed by a presentation of Ania J. with a song called “Crypto Millionaire”. In relation to the announcement, Michel Adam said the following: “Fashion TV’s coins are ERC20 tokens based on the Ethereum blockchain. The coins can be used by owners as corporate currency for various FashionTV products. On one side, these are the classic services of the group such as TV, streaming and video on demand services. In addition, FashionTV wants to offer the blockchain community its own platform for luxury goods and services, and aims at bringing the blockchain technology closer to the fashion community. To this end, FashionTV is developing a blockchain-based solution to have transparency for models and their parents in the model business, to ensure they get more money and are treated fairly.”
The development of a new token and integration in the cryptocurrency world and the blockchain technology by FashionTV aim to innovate and especially aim to offer a transparent solution for the models and their sponsors in the modelling business. Adam added: “In order to guarantee they will earn more money and receive an equal treatment.” This is because the modelling agencies in many occasions take the majority of the models’ earnings.
The initial coin offering (ICO) for the FTV Coin Deluxe token is scheduled to begin in two months and 1.5 billion coins will be offered for sale. During the entire year, FashionTV will be launching a digital market where the coin can be used, as well as a wallet to store the cryptocurrency.
It is worth mentioning that the FashionTV cryptocurrency was developed by FTV Media GmbH based in Vienna, the capital of Austria and it is compliant with the Austrian laws. Despite FashionTV being a well-known and popular platform, it is always advisable to investigate any ICO you would like to invest in, read thoroughly its technical paper and get to know other details related to the ICO campaign before investing in it. This way, you could avoid potential inconveniences.
On the other hand, even though it may not seem so, the fashion industry is converting in another sector that is trying to make use of the benefits offered by the blockchain technology and the cryptocurrencies. During the fashion week held recently in New York, one of the male models wore a green shirt with the Bitcoin logo on it, designed by a fashion company from New York called Ovadia & Sons.