Buttrfly Wins CoinAgenda 2018 ICO Competition
Each year, the CoinAgenda Global conference in Las Vegas holds an ICO competition, where crypto startups planning a token sale can pitch their projects to conference attendees. This year, blockchain-based social influence marketplace Buttrfly won that contest, gaining the title of CoinAgenda’s most promising startup of 2018.
Buttrfly is a blockchain-based platform that allows users to purchase “social influence.”
Based on the EOS blockchain, the play allows advertising agencies and influencer networks to post paid tasks, which influencers can accept or reject by “swiping” the opportunities as they are presented on the app — much like how Tinder users can match with potential dates by swiping left or right on a person’s picture.
Buttrfly co-founder Nathan Chandra at CoinAgenda.
To use the platform, advertisers post a listing that includes a budget and goals for the campaign. The platform’s AI then distributes the listing to influencers best suited for that particular job. Once an influencer accepts, a smart contract is created that tracks the job from acceptance to completion. When Buttrfly verifies the job has been completed, the smart contract issues payment and sends a report to the advertiser.
According to Buttrfly, its platform has the potential to solve great inefficiencies found in influencer marketing, such as contracting, post verification, and payment settlement.
And solving these inefficiencies would create huge improvements in the influencer marketing ecosystem, said Butterfly. With the influencer market projected to reach $10 billion USD in value by 2020, clearing up inefficiencies can allow advertisers to be more effective.
Furthermore, a platform like Buttrfly can reportedly help advertisers reach smaller, non-celebrity influencers.
Since 30 percent of consumers are more likely to purchase a product recommended by a non-celebrity influencers — with 70 percent of that group being the highly-coveted 18 to 34 year-old demographic — such a blockchain platform can theoretically increase potential returns by making these smaller influencers more accessible.
Buttrfly also won the contest at CoinAgenda Europe 2018, making this the company’s second CoinAgenda victory.
Moving forward, the company said it has big plans.
“Buttrfly is planning a strategic rollout with our Fortune 500 clients starting in Q4 2018 and plan for a global rollout in 2019,” the team told Bitsonline.
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