Binance conducted its second token sale of 2019 with Fetch.AI
Binance conducted its second token sale of 2019 with Fetch.AI (FET) on the offering and the sale was commenced in a mere 10 seconds!. This proves how a great token can still generate a significant amount of funding from ICOs.
Binance launchpad has recently conducted the sale of BitTorrent token(BTT) as well and that sale saw the total offering being bought within 15 minutes. The sale of BTT token might have been a driving factor in the recent FET token sale, as the BTT token prices shot up by 600% within a few days of its launch.
Many pundits also believe the reason for such a successful sale could be because of the AI factor. Artificial intelligence is among the hottest trend and a competent team behind the Fetch.AI also helped in such a massive success of the sale.
What is Fetch.AI?
Fetch.AI describes itself as a decentralized infrastructure provider for Autonomous Economic Agents to find, communicate and trade with each other. The firm would act as a medium of exchange for autonomous agents looking to exchange the token for data, services and other offerings within the Fetch.AI network. The firm also promises machine-to-machine microtransactions, a one of a kind service offering.
With the help of Fetch.AI network, almost any networked machine or even a real-world entity can be represented by an autonomous agent. The new network promises to flourish and support new market places without any need of intermediaries
Humayun Sheikh, the CEO of Fetch.AI explains what lead to the creation of the network,
“Today’s internet is built for ecommerce solutions that enable connectivity between humans. The new web needs to enable more autonomous machine based solutions and this requires building the infrastructure and tools to make it deployable. Fetch.AI is building the deployment infrastructure, which brings the new AI-based autonomous machine economy to life.”
Everything You Should Know About The Fetch.AI Token Sale
Binance announced the sale of Fetch.AI tokens on 1st February through its official blog. The FET token sale was quite different from Binance’s previously offered BTT token sale. First, the new token could only be bought using the local Binance coin. Second, the new token sale would only be made available in one session, unlike the BTT one which was held in two different sessions.
Binanace put out all the numbers of the sale on its official blog post, some of the numbers from the token sale are,
- all 69,204,152 FET were sold to token sale participants within 11 minutes and 14 seconds”
- “About 24000 people pre-signed the User Agreement, while 19,860 people successfully submitted a buy order. Out of those people, 2,758 people successfully purchased FET”
- “Participants were able to purchase between 230 FET (the minimum amount eligible for purchase) and 34,602 FET (the maximum amount).”
Now, you must be wondering about the 10 seconds, here is the Binance CEO himself explaining the funda behind the “10 seconds” number.
It was over in a about 10 seconds. The queue was totally packed within seconds. The processing is just draining the queue slowly. Congrats to @fetch_ai !
Final Thoughts
The success of two token sales on the Binance launchpad is a clear indication that ICOs are not dead as many pundits claims. If you have an innovative idea captivating enough, chances are you won’t have a hard time finding the right investors and a user base.
The funds generated through ICO offerings are at their lowest in 2019, however, with the backing of a well-known name like Binance and a brilliant idea of a decentralized network backed by artificial intelligence, the declining ICO trend does not really make much of a difference.