WOM Token or “Word of Mouth” has received an investment from Advanced Blockchain AG for an undisclosed amount of funds. WOM Token Ltd. is said to be building a blockchain-based protocol that gives brands, content creators, and social networks a method to monetize word-of-mouth recommendations without any central party profiting from the value created.
WOM is the creation of YEAY – an App that provides teens and young adults with a location to shoot and share videos featuring streetwear styles. The app makes the videos shoppable by incorporating affiliate links. Brands may benefit from user-generated product recommendations and creators earn WOM Tokens as rewards for the value driven through their videos. To-date YEAY reports it has received $7 million in seed funding from investors including the former COO of Airbnb, the former CEO of Deutsche Telekom, Grazia Equity, Mountain Partners, and others.
As part of the launch, WOM is preparing for a Dutch Auction Token Generation Event (TGE) to be held in Q4 2018. The TGE expects to sell 350 million of one billion total tokens. A private sale is ongoing. The auction is capped at $350 million in ETH.
Norbert Gehrke, GM for Advanced Blockchain AG, commented on the investment;
“Advanced Blockchain AG and nakamo.to are constantly looking for companies that apply blockchain technology and crypto economics in innovative ways to establish new business models. Melanie Mohr and her teams at YEAY and WOM have created a platform that enables micro marketing at the consumer-to-consumer level in truly novel ways, and with unprecedented scalability. WOM will set a new standard for consumer engagement. We are extremely excited to be able to support this journey with our network in the crypto space.’’
Mohr says that the YEAY and WOM’s partnerships with nakamo.to and Advanced Blockchain AG will take them deeper into the European crypto community and closer to achieving their vision of a fairer and more mutually beneficial marketing model for consumers, brands and platforms.
“The WOM protocol will become a powerful way of rewarding consumers for the value they bring to brands, while giving brands a way to tap into organic word-of-mouth in a measurable and scalable way — and providing platforms with a monetisation model that isn’t based on invasive advertising. We are proud to have the backing of such well established partners in the crypto space.”
If you are interested, the draft White Paper is available here.
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