A minor version of the ICO craze in 2017 is happening on Binance’s Launchpad service.
Once ICO participation stopped being a guarantee for instant profits in late 2017, the hype surrounding cryptocurrency-based crowdsales subsided. However, it has recently been revived by Binance’s token launch platform – Binance Launchpad.
The Binance-hosted BitTorrent ICO earlier this month not only sold out in minutes, but also made participants enormous profits within a week. Now, users trying to replicate the previous success of the Tron-based project have made the Fetch.AI ICO an equally impressive success story, as Binance claim the tokens sold out in 11 minutes and 14 seconds.
Whether the token’s price action also replicates that of BitTorrent remains to be seen, however there is no doubt that Binance has managed to bring back some of the hype which many crypto pessimists expected to be lost forever.
As for Fetch, while technology and fundamentals are unlikely to be the main driving factors of the success of the ICO, they are by no means something to ignore. The company has set the ambitious goal of utilising artificial intelligence and blockchain technology to create “a decentralised digital world where a collective super intelligence actively delivers answers to you: a world where information that benefits you and information that might benefit you is delivered effortlessly”.
While the team is not setting any boundaries when it comes to the variety of problems their system can solve – as it is generic by nature – they have outlined a number of modern-day inefficiencies that appear to be their primary target. To quote the team behind the project:
…hotel rooms lie empty, cars sit parked and unused for over 90% of their lives, half empty shipping containers travel the world, overcrowded, poorly optimised transport infrastructure eats at our sanity, power grids have peaks and troughs in usage that are shocking and organising even the simplest thing requires a herculean effort in hunting and gathering.Fetch AI Whitepaper
Similarly to the token’s price action – whether the project ambitions are simply a set of buzzwords, or a carefully planned strategy to be brought to life by experts – also remains to be seen. The team has boldly stated:
We don’t fix the old economy, we present an entirely new one.
Either way, the first step has been a massive success as their ICO has hit its cap. And by the looks of it, Binance Launchpad is about to become a guarantee of an ICO sellout – at least until we witness the first flop. But that event looks to be at least half a year away.