TheReelStar app, India’s latest Web3 integrated social media platform, launches the ReelToken (REELT). In its Initial Token Offering (ITO), ReelStar aims to raise USD 4.98 mn via private sale and an additional USD 31.275mn via public sale. It has established a supply of 15 bn REELTs, of which 5% has been capped for the ITO and private sale.
The co-founders are, Indian born and raised, serial entrepreneurs, Navdeep Sharma and Nick Bahl. Currently based in Australia they have planned and designed the ReelStar app as an ‘everything app’ with multiple social media and payment functionalities integrated with an access ramp to the Web3 Metaverse/Omniverse. It will feature in-app NFT creation feature and an NFT Marketplace in an easy to use and familiar environment for both Android and iOS devices. NFTs made within the app can be integrated with extensive smart contract technology irrespective of the format or style of social media content. The social media functionality incorporates the best features of multiple existing apps in a single app. ReelStar app’s payment functionality works through the built-in digital wallet that can store fiat as well as digital assets, such as, coins and tokens including NFTs and provides access to the global utility of a Debit Card and fiat currency.
Creators and artists, irrespective of their medium, can use the ReelStar App to mint their own NFTs, build in smart contract functionality and monetise their creative efforts by selling or trading NFTs on the ReelStar NFT marketplace. By incorporating all this functionality into a smartphone app, almost anyone can enter the media and entertainment industry, and have access to a global market for their creative output. This democratises and levels the playing field, providing creators and consumers global access to each other without requiring a large studio or corporate middle-man.
The ReelToken which underpins the ReelStar app and ecosystem is based on a multi-blockchain platform and architecture. As a token, REELT is unique due to its integration with ReelStar’s proprietary technology stack which efficiently fuels the app’s ecosystem facilitating its seamless usage by both creators and consumers.
Navdeep Sharma, Co-Founder, Reel Star, said, “Our app will provide global opportunities as well as a Web3 passport to every creator and artist. Anyone with a flair for artistic creativity or a knack of entertaining an audience is warmly invited to join our platform. Through the platform they have access to a global audience, can cost-effectively scale their fan base and monetise their creative output. We offer a plethora of Web 2 and Web3 monetisation options, which can be customised to maximise both benefits and returns for consumers and creators. Creators can seek patronage as well as share returns and profits with their patrons through our platform with the utmost of transparency and efficiency through smart contract technology and controls present within the ReelToken ecosystem.”
ReelStar’s board of advisors include global crypto leaders like Evan Luthra and Indian-American serial entrepreneur Ms. Nikita Sachdev, among others.
Nick Bahl, Co-Founder, Reel Star, said, “The Indian media and entertainment industry is ready for significant growth between 2022 and 2025, a growth primarily delayed owing to the pandemic. Our app and ecosystem are designed from the ground up to be fully functional on a mobile platform and therefore almost completely remove the entry barriers to NFT, Web3 and Metaverse/Omniverse technologies. Anyone’s smart phone can now not only deliver social media content and NFTs but also a range of services to a global audience. The ReelToken will invigorate and fuel, at all levels, the next exciting phase of growth for the Indian M&E industry.”
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