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BitClout Platform Has Elon Musk and Justin Bieber Coins

The crypto industry is expanding in every direction with innovations like NFTs. BitClout Platform, a social crypto exchange, is the latest addition to the list.

Bitclout app is set for launch tomorrow. The individuals on this platform can buy and sell crypto tokens of their favourite celebrities. Basically, the identities of people are tokenized. It doesn’t matter whether the individual behind the profile knows the existence of this token or not.

The usernames on BitClout are listed according to the coin price. Elon Musk’s Twitter profile token has secured first place with the price of 69, 726 dollars. Justin Bieber’s token is at the 7th number. It is selling for 20,783 dollars.

Twitter profiles have a value that is calculated by the total amount in USD spent on the creator’s profile. Moreover, there is also market capitalization of each coin and total supply in circulation.

BitClout Business Model:

BitClout itself is not a company but a proof-of-work blockchain. The creators are an anonymous group of developers. Nonetheless, some big names are investing in the venture including Winklevoss Capital, Coinbase Ventures, and Chamath Palihapitiya’s Social Capital.

BitClout business model is based on monetizing the following of a Twitter profile. The coins are pegged to celebrities. Thus, the coin’s value grows with the popularity of the profile.

The profile creators can also take a percentage of transactions of their coins. Resultantly, they can take advantage of their own success.

BitClout platform is currently revolving around its own native currency, BTCLT. You can easily convert your BTC into BitClout tokens in the wallet.

According to a report from Decrypt, a single wallet connected to BitClout has amassed a fortune of $160M. This suggests that the platform already has huge sums of money ahead of its public launching.

The biggest controversy following the BitClout platform is that tokens of people’s profile are created without their consent.

Originally published at https://autotradingstrategies.com.

AutoTrading Strategies is a consultancy company built by crypto traders and trading software developers.