Cosplay Poised For Decentralised Disruption
This is my entry for the @moworks Sponsored Writing Contest: Cosplay Token—WIN SBD! found here
In 2018 slapping blockchain on literally anything these days will take you from relative obscurity to wow this has some potential. Seemly uninteresting projects are now rebranded and gems of investment opportunities as traditional funding paths clearly do not suit these projects and is why they are looking for outside public investment. There is nothing wrong with this and it can make individual investors a reasonable return on investment but it needs to be taken into context.
One project that definitely falls in line with this description then it would be Cosplay Token.
Cosplay Token is being produced by Cure WorldCosplay (CW) a niche social media platform that has been operating as a community service for cosplayers and those around them (Photographers, Props Makers etc.) all over the world. They claim to have 720 000 members, available in 12 languages with users in more than 180 countries.
However, there is no mention of daily active users according to Similiar web they're only pulling in 1.3 million visits a month which would be very low if you have 720 000 sign ups or you users simply do not visit your site that often, which is my first flag.
What will Cosplay coin be used for?
To make a long story short it will be used to buy and sell content on the Worldcosplay platform by acting as a payment method for various services users offer on the platform or for access to digital content. It will also be used for tipping and for reputation management, but only be applicable for cosplay enthusiasts.
The technicalities
The whitepaper is almost laughable as they try to spin up these complexities they'll need to implment in order to achieve their roadmap. This is an ERC-20 token with plenty of open source support and plenty if not all the use cases bar the building tokens on top of tokens, on top of ERC-20 tokens has all been done before and offers no unique selling point apart from its the same old thing applied to cosplay.
They could have easily used Dogecoin or Reddcoin, popular tipping coins for their project but that wouldn't be good enough since they really need Smart contract support for managing its user's interactions on the platform, hence Ethereum and hence ERC-20 and also because it's the easiest token to create.
I personally nothing in its tech stack that is remarkably valuable compared to anything on the market today and that to me is an investor red flag.
My conclusion
This is more of a publicity stunt than a viable utility token protocal and will by no means have huge investor potential despite the claim of playing in a 42 Billion dollar market. That figure is based on a myriad of things within the cosplay economy that the site doesn't even target so its a completely irrelevant stat. The claims this coin makes is of a similar narrative to plenty of the adult coins we've seen like Spankcoin & Bunny Token who by the way have a bigger market to play in and will still fail.
The use cases for this utility token are hardly inspiring any sort of scale and is more of fun social project that their established community can use and support rather than one for active investors would find attractive. In my opinion, the growth potential for this project is very low considering the use cases, the market and the reach this project can have, and it's just another ER-20 token that will disappear like the rest of its kind.
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