Ecryptostore Goes Live with a New Token at ICO
New initial coin offerings (ICOs) aren’t exactly new; hundreds have emerged over the last few months, which have produced both winners and losers throughout. However, not many ICOs can say they come with a complete ecommerce platform, which is one of the biggest distinctions of the Free Market Token recently released.
Ecryptostore, who dropped word our way about the launch, gives users the opportunity to both buy and sell goods,in both regular local cash and cryptocurrency. The store will be available via an app, poised for release on both iOS and Android platforms this June. It effectively makes a bridge between fiat and cryptocurrencies, and even comes with a referral program that gives a clear incentive to adopt the platform.
As for the Free Market Token, it’s built around the NEM platform, a cryptocurrency and blockchain platform that got its start back in 2015. The Free Market Token derives its value in part from ecommerce, especially that part that will flow through Ecryptostore. The end result is what amounts to an eBay or an Amazon, but with a lot more cryptocurrency.
Since the Free Market Token can be used directly on the site or as a kind of hedge, at least some of the uncertainty around cryptocurrency can be pulled out of the matter with the new token. Those interested in picking up Free Market Token will be able to do so, with the company offering 250 million tokens at a hardcap of $12 million total, making each token worth about a nickel.
On the one hand, this is a great idea to draw interest and get people doing something with cryptocurrency besides holding and waiting for it to explode in value like it’s the second coming of bitcoin. On the other hand, it’s not likely to draw a lot of interest. Even those who might have considered it may well be wondering if this is just another Silk Road in the making, which could turn a lot of people off.
It’s easy to suggest this is a necessary step toward mainstreaming cryptocurrency, yet at the same time it may be jumping the gun. This is a good step for after cryptocurrency has been mainstreamed, but Burns et al may be putting the cart before the horse on this one.