Social tokens are considered to be one of the most exciting experiments in the crypto space. Now, with BitCloud, a representative has made it onto the stock exchange.
The BitClout Token (CLOUT) of the social token platform of the same name is now listed on the AscendEX crypto exchange. That was the project in one Press release known. Since Wednesday, July 14th, investors have been able to trade CLOUT via the trading platform using the stablecoin Tether (USDT). At press time, the price is $ 114.86.
The BitClout network behind the CLOUT token sees itself as a somewhat different kind of social medium. Users can invest in the value of various profiles via the Twitter-look platform. The Twitter account of the respective person serves as the basis for this. The spectrum ranges from hip celebrities to companies and normal consumers. Ultimately, one speculates on the increase or decrease in a person’s reputation. If an influencer says something good on social media, the value of his BitClout profile increases. If, on the other hand, he causes a shit storm, the price of his account drops.
The concept met with great interest from major investors. Silicon Valley heavyweights such as Sequoia Capital and Andreessen Horowitz participated in the project, as did the crypto exchanges Coinbase and Gemini. We are pleased with the listing on AscendEX. For example, Sequoia partner Shaun Maguire said in the press release:
BitClout is revolutionizing the current relationship between cryptocurrencies and social media, and this is just the beginning. We are very excited about AscendEx’s support for BitClout. This allows the world to trade $ CLOUT and join this very different kind of social network.
Shaun Maguire Sequoia Capital
BitClout trades without a license
Investing works like this: Via CLOUT, users can create so-called “Creator token“ from the profile of your choice. Elon Musk’s account is currently the most expensive investment on the platform. Overall, the token of the Tesla boss comes to a market capitalization of 11.4 million US dollars. The value of the profile has thus more than halved since the crash in mid-May. Previously, the market cap was $ 24.4 million. There are also numerous other stars and starlets such as Kim Kardashian, Snoop Dogg or Cristiano Ronaldo.
The curious thing about this is that the celebrities do not have an official license to use their profiles. This is also the biggest criticism of the project. If the project grows, you will probably not be able to avoid concluding contracts with particularly wide-reaching creators, also to protect yourself legally. With the listing on AscendEX, a great wish of BitClout investors has now been fulfilled. These have long been demanding a way to be able to trade their CLOUT tokens.
Even if the project sounds exciting, as an investor you still have to keep in mind that an investment in a certain way reflects participation in an experiment. It can be assumed that some decentralized social platforms will create enormous added value in the next few years and will represent an alternative to Facebook, Spotify and Co. It remains to be seen whether BitClout or other platforms will be part of it.
Fun fact: A few months ago, BTC-ECHO started an experiment as part of our crypto compass issue, listed contacted BitClout and wrote a few posts. A coin currently costs $ 24.87. Accordingly, the market capitalization is $ 211.11. However, this should not be misunderstood as a call to invest.