Our previous article on cryptocurrencies discussed initial coin offerings in relation to how the industry needs some form of regulation to move forward. We now take a look at how the practice of crowdfunding via cryptocurrency has been a source of inspiration for a group of entrepreneurial Singaporean founders setting out to make a revolution in the millennial retail world.
To provide a recap of sorts, initial coin offerings (ICOs) involve investors purchasing a number of units of a new cryptocurrency or crypto-token in exchange against cryptocurrencies such as Bitcoin or Ether. Their investments are often used to fund the development of the new cryptocurrencies.
From Left: Anthony Koh (Founder & Group CEO of MC Payment) and Jeremy Khoo (CEO of iFashion Group)
The latest brainchild of iFashion, a Singaporean online fashion retailer, MegaX is set to revolutionise the Millennial retail landscape. The business model revolves around the issuing of digital tokens to an increasingly important yet admittedly flippant target audience, one that the marketing world has tried to study over the last several years. Their offering is a little different from the traditional ICO, as customers will be exchanging digital retail tokens for physical goods. Therefore, the company’s preferred terminology for their offering is Initial Token Sale (ITS).
The online fashion veteran has worked alongside MC Payment to set up the all-important tech and digitalisation component of the concept. The partnership with Singapore’s very own payment technology and merchant service company that supports the end-to-end value-chain of commerce transactions will ensure that the concept is rolled out to the public in a seamless and streamlined manner.
The platform will leverage Ether (a cryptocurrency for Ethereum, a smart contract blockchain) as a currency to purchase digital retail tokens that can be used across a marketplace (offering new and second-hand items) as well as on the retail platform that will rally a growing number of leading e-tailers. Most importantly, it will provide a transparent platform for Millennials to interact and transact on – their very own decentralised hub that they can identify with.
It will also allow users to switch between the digital retail tokens as well as traditional fiat currencies seamlessly (catering to larger targets within the demographic). This will provide a layered sense of security for those that are wary of digital platforms.
A Platform That Millennials Can Identify With
Not only is the average Millennial difficult to read in terms of their preferences (they possess little brand loyalty and place importance on individualism), they also respond in very different ways to traditional advertising.
The team at MegaX are fully cognisant of this, leveraging their deep experience in Millennial speak, ensuring they tick all the boxes of being a company that will cater to their needs. Casual yet punchy language combined with pictures that speak volumes are the order of the day. The team’s credentials say it all – they were the organisers of Singapore Artbox, a highly successful and hipster-driven creative pop-up market that exceeded expectations in terms of participation. Coincidentally, the event’s target audience was predominantly Millennials.
To quote iFashion’s Group CEO, Jeremy Khoo, “Our founder-driven team would like our platform to be open to Millennials from around the globe. They are the most influential demographic today and will spread the word via one of the strongest tools for dissemination – social media.”
For a detailed description as well as an overview of MegaX and what one can expect, their website is up-and-running at megax.io.
This is part of an ongoing series of articles about cryptocurrency. Check out our other articles here.