Social media influencers are playing an ever-greater role in the online promotion of brands. Indeed, according to research from 2017, 92% of the brands that were surveyed found influencer marketing to be effective in achieving goals, while half the respondents claimed that influencer-made content performed better than that produced by the brands themselves. Unsurprisingly, some businesses and influencers are turning to blockchain technology to target consumers more effectively and bring additional security and transparency to the field.
Japan-based PATRON is aiming to transform the world of influencer-based marketing, and in Tokyo this week it announced several new initiatives to help achieve this.
What is PATRON?
Company publicity material describes PATRON as an ‘influencer’s sharing economy platform’, on which influencers and social media users worldwide can publish, discover, reserve or sell influencer data via web and mobile. PATRON, a subsidiary of Extravaganza International Inc., is certainly ambitious, hoping to make its own brand as big as US tech giants such as Apple, Google and Facebook.
PATRON conducted a successful token sale earlier this year, raising $40 million in the process, and recently attracted media attention for teaming up with leading US-based influencers, including Saweetie. In addition, Forbes ran a feature on PATRON in July, naming it the number one blockchain company to watch. PATRON’s cryptocurrency is called PAT.
According to PATRON, its ‘leadership team’ has selected five cryptocurrency exchanges to list its PAT tokens, helping to increase userbase, liquidity and transaction volume. The exchanges are: Hotbit, Extrates, Yobit, Changelly, and LATOKEN. The company has also stated its intention to list on major South Korean exchange, Kucoin in a matter of weeks. The PAT currency is also is also a contender for listing on CoinEx.
Token Buy-Back Scheme and Coin Burn
PATRON is aiming to launch a mainnet between late September and October. This potentially requires a platform change, with a token swap to ensure compatibility. PAT token holders will be informed and given instructions to follow in the event of a switch from Ethereum to another blockchain platform. The developers say that the PATRON team will also conduct a buyback and coinburn (including from the board of directors’ pool) of PAT tokens, as requested by the PAT community. These actions will assist with liquidity and increase the value of PAT.
2018 Crypto Finance Conference
The PATRON team will be at the Crypto Finance Conference, which is taking place in California from September 5th to 7th at the Ritz Carlton at Laguna Niguel. PATRON CEO Atsushi Hisatsumi is booked as a guest speaker.
Given the vast size of the online shopping market and the increasing effect of influencers on consumer sales, if PATRON lives up to its own hype and manages to revolutionize the world of influencer-based marketing, it should find itself in an enviable position, and well-placed to benefit from future consumer trends.
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