Betting aside, we rarely come across stories of great sportsmen interacting with cryptocurrencies. This week is, however, going to be different as world boxing champion Manny Pacquiao is going to have his own Pac Token offered on the GCOX. The celebrated boxer is a household name across the globe due to his rise from anonymity to stardom; now one of the greatest boxing tales ever.
PAC Tokens and the GCOX
With the IEO bell ring expected on 12th November 2019, the PAC is going to be the first-ever celebrity-backed token. Most other tokens out there are backed by a cause, service or benefit but this celebrity-backed coin is going to draw value from quantifying Manny Pacquiao’s brand, merchandise sales, and interaction of the fans. In other words, it offers all the opportunities to access the bespoke program, trade-able merchandise and direct interaction with Pac’s own community; all through a blockchain platform. More interesting, it will be tradeable against other cryptocurrencies like Bitcoin or actual cash. The IEO will be staged on the GCOX, which is South East Asia’s cryptocurrency exchange that also supports celebrity-backed tokens.
Why there is a buzz around Manny Pacquiao’s name
Like most celebrities, there is always a story behind the person we see. Manny Pacquiao started off as a humble boxer but rose through the ranks and challenged some of the best out there. Aside from winning most of the boxing belts available for the contest, he is also a celebrated politician in his home country of the Philippines. He has a number of successful online ventures, charity organizations, and multi-million endorsements deals. The money part is what gets most crypto traders excited about the PAC Token as the more corporates keep on buzzing around the celebrities, the more these celebrity-backed tokens keep on rising in demand.
The media has continued to buzz around his name with frequent features on big-time news sites like Yahoo News. Pac is close friends and business partners with Jack Ma, the billionaire founder of Ali Baba. Jack Ma was in close supervision on the conceptualization and future plans of the Pac Token, with both of them recording videos doing boxing training together and giving motivational pieces.
Why GCOX exchange is different
The GCOX Exchange is where all the action will be on Tuesday, 12th November. The GCOX group is originally from South East Asia and it thrives on a new model where celebrities can have projects to provide personalized tokens (tokens whose value is based on a person’s fanbase, merchandise, influence, and endorsements). Brands and celebrities have already shown their interest with football player Michael Owen also having his own token coming up in a few months. It remains a platform that makes it possible for fans and celebrities to interact and have their own currency, all through blockchain.
In previous decades, it would need a celebrity to make a ‘meet t-the-fans’ tour, do shoutouts or at best make a direct response to a facebook post perhaps? With the GCOX, fan to celebrity interaction takes a new dimension. Fans can interact with each other on the platform, use a common Token to buy merchandise from the community or have their own independent deals and pay each other through PAC Tokens. The fan community in that sense will decide what exactly is valuable within their own ecosystem. That value can also be used as an exchange versus other cryptocurrencies.
Listing details for the PAC Token
The initial allotment of tokens offered is 700,000 PAC tokens. The IEO kicks off on 12th November on through 14th November. Each token is offered at $0.30 and there is a maximum number of tokens one investor can subscribe for….just to avoid any chances of one person buying too many and then dumping them off when the price rockets.
The PAC Token project is going to be an interesting one as we are for the first time going to see how a celebrity’s influence and his fanbase are the ones who derive the monetary value of a cryptocurrency. This could very well be a ‘left hook’ to any cryptocurrency nay-sayers.