Vice Industry Token Inc. said it has raised $22 million less than 24 hours after it launched the crowdsale of its cryptographic Vice Industry Token (VIT).
Vice Industry commenced token sale February 20, 2018 at 11 am EST. The company did not disclose if the sale is OSC sanctioned.
The new blockchain-based platform for the adult industry rewards fans for free with VIT simply for watching content. Viewers can redeem tokens for discounts on premium content and other services from leading websites. Vice Industry partners include major industry brands Penthouse and Exxxtasy.
“We are excited to see the positive response to our groundbreaking platform through our token sale,” said Vice Industry Token Inc. founder and CEO Stuart Duncan. “The support of our community is key to our success, and this is just the beginning.”
“Content producers are essentially creating their own money and economy for their community. Major international producers of adult media have decided that a community currency is just as valid as fiat for their business. This is where blockchains are taking the world,” Duncan said.
In an effort to combat the dominance of “whales” in its ICO and allow its significant community support to have the best possible chance to participate in the token sale, Vice Industry pioneered a paid whitelist reservation system for its token sale.
Participants paid a fractional amount based on the total value of tokens they intended to purchase. The process was initiated to protect contributors who often scramble to apply to oversubscribed whitelists which do not necessarily result in being able to participate or alternatively given a miniscule amount to contribute. Within 24 hours of announcing the reservation fee, the company had already received whitelist fee payments in excess of $200,000.
“We believe that the reservation fee model for token sale whitelisting helps to level the playing field for the vast majority of buyers,” said Duncan. “We hope that the rest of the industry will follow suit.”
In another industry first, the VIT sales contract also included a unique refund functionality, enabling contributors to either claim their proxy tokens, which are immediately released into the customer’s Ethereum wallet, or request a refund.
photo credit: VIT