The worlds of cosplay and cryptocurrency are colliding with the launch of the Cosplay Token, issued by Cure WorldCosplay, the world’s largest cosplay platform.
Go to any sci-fi, gaming, pop culture, or anime convention, and you’re sure to see hordes of people wearing costumes of their favorite characters. This wearing of costumes is called cosplay, and it’s been growing by leaps and bounds over the last few years. Now this colorful world is merging with the cryptocurrency sphere.
Using Crypto to Reward Cosplayers
The largest platform for cosplayers on the web, Cure WorldCosplay, is launching a new Ethereum-based cryptocurrency called the Cosplay Token (COT). The goal of this new virtual currency is to help monetize the cosplay community and reward cosplayers, as well as those holding the coins.
What is interesting about COT is that a bunch of micro-economies will be created as individual cosplayers who have a following can create their own coin. Holders can tip their favorite cosplayers with the coins as well as redeem them for prizes and perks. Cure maintains that COT will also be spendable at any location that accepts Ethereum as well.
So far, Cure has enlisted 17 well-known cosplayers as ambassadors for the coin. Some of the initial ambassadors include Kazumi Noomi, Gesha, SeeU, and Ely. Cure touts that the COT blockchain will cut down on harassment, promote greater recognition for cosplayers, and foster proper sharing of revenue.
One billion COT will be issued in total.
Does Blockchain Mix Well with Cosplayers?
This isn’t the first cosplay-themed cryptocurrency. There is also the Otaku Coin, but that particular coin has its share of criticisms. People point out that the company issuing Otaku Coin is keeping 39 percent for itself, which is a very high percentage, and that the coin is supposed to be used at conventions and online sites, but the groundwork for that endeavor has not been completed yet.
COT is an interesting concept, and it sounds somewhat similar to the ongoing development in soccer (or football). Star player James Rodriguez has created his own coin, the JR10, and it’s possible that other players may follow suit.
This same principle of personality and cryptocurrency carries over to the COT. However, there are some potential pitfalls waiting for this token.
There are plenty of cosplayers making a name for themselves, and that number increases on an almost daily basis. This means that the field can get pretty crowded as time goes by. Right now, most of the cosplayers associated with COT are located in Asia and Russia. Noted North American cosplayers like YaYa Han and Jessica Nigri have yet to be associated with the coin. The result is that there can be a ton of individual cryptocurrencies flowing through the COT marketplace, each with their own unique value.
Another issue is of the coins keeping their value over time. Just like sports stars, cosplayers tend to have a limited window of time to make their mark. Only a hardy few manage to remain in the spotlight longer than a few years. Holders could find their coins dropping in value once a cosplayer leaves the industry.
Plus, is there enough interest from the cosplay community to make trading such cryptocurrency worthwhile? That remains to be seen. It should be noted that cosplayers tend to spend a lot of money on their hobby. If you ever watch cosplay videos on YouTube, you know that they often run out of funds trying to finish their various projects. One could surmise that the cosplay community as a whole may not be the best group to be targeted for cryptocurrency investment.
However, the use of COT can be used to combat harassment. As transactions are transparent on the blockchain, any person causing mischief to a cosplayer while using their coins could easily be identified and dealt with. The hobby has actively been promoting the “cosplay is not consent” campaign to combat those who would grope, demean, or intimidate cosplayers. In this regard, the blockchain can be a useful tool to support this ongoing effort.
Do you think the Cosplay Token will be a success? Let us know in the comments below.
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