Trending.me ICO Review
With every new ICO coming up we get to experience a new usage for the blockchain technology. Developers don't limit themselves to creating platforms only for trading assets or touching the banking or technological field, recently they have focused on creating platforms for the ordinary mainstream people. This way they introduce a larger groups to the blockchain technology. And what is a better advertisement and encouragement to use new technologies than a nice working platform that everyone can use and benefit from? This time a group of developers want to bring fashion onto the blockchain.
Trending.Me aims to become the best platform for trendsetters to release their ideas and creation to develop new fashion trends. Everyone can submit their new attire creation, interesting hairdo or accessories. They want to take and explore the market of social media blogers being influential in the fashion field, as nowadays one Facebook or Instagram photo from right person can go viral and set a trend for millions. This platform can act as a social media for fashion-focused people.
Not only the platform wants to focus on people who has interesting fashion ideas, they want to create one place, where the trend can both be born and then sold. We live in a world where more and more shops are strictly Internet-based with no physical stores, this approach enables people that doesn't have money to run huge physical business to still successfully sell their goods, in that case fashion related like clothes, shoes, accessories and so on. It is also much cheaper for the merchant as the product can be created only after the purchase so you don't have to invest earlier and create hundreds shirts that you can't be sure if they ever sell.
These tokens will be used to buy things from these ecommerce stores. They can be earned on the platform from selling your products if you are a merchant, but also from successfully setting a popular trend that gets highly upvoted and commented on. The sole activity of commenting and upvoting will also be rewarded in order to encourage users to become even more active on the platform.
From the technical point of view the token is Ethereum-based in the ERC-20 standard, so you can store it in most of the Ethereum wallets along with your other ICO tokens.
On the Trending.Me site we can find a really informative picture that explains how it can all be fueled within the platform itself. Here are 5 steps that make sure the TRENDS can be earned and well spent.
As you can see, this was they can create a closed ecosystem, with every action generating and passing the revenue to the next step. The more interesting fashion creation the people create, the more it will be upvoted, then the others will want to buy this trending creation, so the shops set up on the platform will get profit which will be passed to the platform itself which can reward the trendsetters as well as the userbase that actively comments and upvotes the creations.
Even though the technical and the working parts of the project are more important than a site's and whitepapers look, it is very pleasant that a site that wants to become a platform for trendsetters is designed in a quite trending and nice way. It would be a real drawback if the design wasn't that good, as how can we really focus on fashion and trends if the platform itself looks horrible? Thankfully it looks nice and also provides all the necessary information for any potential investors and even future user.
The regular TRENDS token price is set at the rate of 1 ETH = 3000 TRENDS, however during the Initial Coin offering, if you manage to get them early enough you can get even more of them for the price of 1 ETH, as there are various bonuses the earlier you buy.
ICO has started on the 15th of September and will end on the 20th of October.
Even though they are relatively small in number, they seem to do well in terms of managing the development of the platform. The both fashion and marketing related side of such project are taken care of by a suitable person, but also the sole technical blockchain and e-commerce store side is also in hands of the developer experienced in various programming language and with wide background of previous jobs.
Potential risks and profits
To prove that there is a market for such platform, we can quote an opening part of their whitepapers: "With mobile users uploading photos on various social networking apps, a new form of self-expression was born and is blooming right now. In 2014, a study stated that 657 billion photos were uploaded that year. Another study tells us 1.2 trillion photos will be uploaded by the end of 2017."
The popularization of social media has started a whole new revolution, not only in terms of people's relations but also in terms of business, trends and influence of viral videos and pictures. Being an "Instagram Model" has in fact become a real job with real money. People that focus on fashion and trends, by posting a picture wearing clothes from particular brand are a living advertisement and can reach millions of customers. We can therefore see a potential market demand for platform that could combine the trend setting phase with the commerce side of selling these products. Now, it's a matter of whether or not they will gather any significant userbase and if they will be able to beat popular social media sites. Considering that an ordinary user will be able to profit from only upvoting the creation he likes, it can encourage a lot of users as now by "leaving the like" they only support the creator, but don't get anything for themselves.
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