On April 12, in a Tweet with his 3,000+ followers, Masmej announced that his Personal Token $ALEX was initially sold for $20,000 with 29 participants. The crypto entrepreneur also promoted the sale in a blog post calling it the “Initial $ALEX Offering,” but he actually announced the proposal at the Ethereum Community Conference in March.
A new way to fund crypto projects
According to the crypto entrepreneur, $ALEX is like “a combination of an income sharing agreement and a personal IPO.” Whoever holds these individual Tokens is entitled to 15% of Masmej’s earnings for three years. next, capped at $100,000, distributed quarterly in Dai (a stablecoin created within MakerDAO’s ecosystem) or a stablecoin (cryptocurrency designed with the aim of minimizing interference) effect of price movements) equivalent.
Masmej plans to use this funding to move back to San Francisco and start finding co-founders for his new crypto startup.
“With this extra $20,000, I can return to SF with a small net to maximize my potential. Also, this crisis could make my cost of living cheaper.”
Invest in people, not companies
The IPO of an individual like Masmej offers a new realm in the crypto world. This is like a coin issued by the company, but because of putting money into the company, which Masmej has not yet founded, investors are placing their hopes and wallets on him personally.
1,000,000 $ALEX was sold during this Token Sale, which is only 10% of the total supply of ten million. According to Masmej, there are over a hundred of his personal Token holders, many of whom have become trusted advisors. The entrepreneur also promises investors who have backed these big decisions to participate in his seed round of funding and exclusive sessions.
See more: Reddit’s new Ethereum feature promotes encryption technology
Private tokens becoming more popular?
Masmej has partnered with Roll, a pioneer in the pre-social movement that creates private tokens, to launch its $ALEX Token. However, there are also a few platforms that support the creation of personal Tokens such as StakeOnMe and HumanIPO.
While these Tokens are not mainstream, there have also been other cases of public figures tying themselves to digital assets. In September 2019, Brooklyn Nets’ Spencer Dinwiddie sold Tokens tied to his $34 million NBA contract extension.
Follow prime xbt to update more useful information
PrimeXBT bitcoin exchange platform news channel 