The ReelStar application, an Indian Web3.0-integrated social media platform, has announced that it has raised over five million dollars from the initial token offering (ITO) of its utility token ReelToken (REELT).
“ReelStar aims to energise and reinvigorate the global media and entertainment industry. Our application intends to provide a global platform for creators, thereby enabling a network of communities that inspire connection, collaboration and inclusion. Our UVP lies in our platform that is accessible to create, collect, trade, and monetise an array of non-fungible tokens (NFTs) and user-generated content,” Navdeep Sharma, co-founder, ReelGroup, said.
According to the platform, following on from the ITO, it aims to raise an additional $31.275 million through staged releases to the public. The platform claims to have established a capped supply of 15 billion REELTs, of which five percent is expected to be in the first series of releases.
Moreover, former Indian cricketer, Irfan Pathan, was present in the event where Sharma, and Nick Bahl, co-founder, ReelGroup, revealed the logos of ReelStar, ReelToken and ReelPay.
Going by ReelStar’s official website, the platform was created with a vision to globally democratise access to Web3.0, metaverse, and future technologies. It features in-application NFT creation features, smart contract customisation, and an NFT marketplace in an Android and/or iOS environment. Reportedly, ReelStar’s board of advisors include global cryptocurrency individuals such as Evan Luthra, Naveen Kapoor, and Indian-American entrepreneur Nikita Sachdev, among others.
Also Read: Esports-based Team SoloMid ends $210 million sponsorship deal with FTX