MANILA, Philippines – Even Manny Pacquiao is getting in on the blockchain action as the boxing senator prepares to launch his own cryptocurrency: PAC tokens.
The main use? PAC tokens are aimed at fans. With the tokens, fans will be able to buy merchandise, participate in meet-and-greets, and bid for items such as the boxer’s used gloves. The higher the demand is for Pacquiao-related merchandise, the higher the value of the PAC token becomes. The goal of the tokens, for the celebrity involved, is to be able monetize one’s fame and to create an economy around a celebrity using blockchain.
The product is the result of a collaboration between Pacquiao, and Singapore-based startup Global Crypto Offering Exchange (GCOX), in which Pacquiao has been an investor since December 2017. In March 2018, the company officially announced the PAC tokens – the first in a series of what the company calls “celebrity tokens.”
Other celebrities under GCOX who will have their own tokens are English footballer Michael Owen and American singer Jason Derulo – although the company promises that list will expand including other potential Filipino celebrities.
The PAC tokens will launch in late Q4 2018, said GCOX communications head Evan Ngow at the Philippine edition of Blockchain Fair Asia 2018, Thursday, October 11.
Manny Pacquiao was also supposed to appear at the event to promote the token but did not make an appearance.
The token runs on GCOX’s proprietary Acclaim (ACM) blockchain. To purchase PAC tokens, ACM tokens have to be used, which may be bought using traditional currencies.– Rappler.com