The ReelStar application, an Indian Web3.0-integrated social media platform, has launched the ReelToken (REELT). In its initial token offering (ITO), the application aims to raise $4.98 million through private sale and an additional $31.275 million through public sale. It is believed that the platform has established a supply of 15 billion REELTs, of which five percent has been capped for the ITO and private sale.
“I believe our application will provide global opportunities as well as a Web3.0 passport to creators and artists. Through the platform, they are expected to get access to a global audience, can scale their fan base and monetise their creative output. We offer Web2.0 and Web3.0 monetisation options, which can be customised to maximise both benefits and returns for consumers and creators. Creators can seek patronage as well as share returns and profits with their patrons through our platform, through smart contract technology and controls present within the ReelToken ecosystem,” Navdeep Sharma, co-founder, Reel Star, said.
According to the platform, the ReelToken which underpins the application and ecosystem is based on a multi-blockchain platform and architecture. As a token, REELT is considered unique due to its integration with ReelStar’s proprietary technology stack, which aims to fuel the application’s ecosystem facilitating its usage by both creators and consumers.
“Our application and ecosystem are designed with the aim to be functional on a mobile platform and to remove the entry barriers to NFT, Web3.0, and Metaverse/Omniverse technologies. The ReelToken is expected to invigorate and fuel, at all levels, the next phase of growth for the Indian M&E industry,” Nick Bahl, co-founder, Reel Star, highlighted.
Going by ReelStar’s official website, it is an Indian multi-blockchain social media platform, created with a vision to globally democratise access to Web3.0, metaverse, and future technologies.