Universal Recognition Token ICO Review: Blockchain Auction-based Employee Rewards Marketplace

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Everyone loves a gift, right? Especially when that gift is given to commemorate a special occasion. It’s nice when the gift means something.

People receive gifts for many different reasons: weddings, achievements, new cars, home, etc. The gift industry moves a lot of money every year.

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Company staff tend to receive freebies when they hit certain career milestones such as five years in the company, ten years, etc.

Universal Recognition Token (URT) is a brand new ICO that comes into the market targeting one specific area of the gift sector: employee rewards.

URT: creating an auction-based employee reward marketplace, powered by the blockchain

The corporate gift sector is worth somewhere in the region of $90bn per year in the United States alone.

Corporate merchandise, standardized gifts, vouchers or gift cards tend to make up the bulk of the stuff given to employees.

Yet, staff hardly ever actually want what they receive. The gift is usually seen as a cheap and cursory token of appreciation which ends up gathering dust or being pawned off at car boot sales.

Consequently, a large portion of that $90bn is wasted.

URT spotted this wasteful aspect of the gift industry and saw an opportunity.

How it works

Urtoken’s platform uses the blockchain to create a marketplace through which people can monetize any unwanted corporate gifts received.

The technology uses smart contracts for matching sellers with buyers in a marketplace environment.

URT in figures & quick facts

  • Token name – URT
  • Total amount of tokens issued – 875k
  • Total amount of tokens on sale during pre-sale and ICO – 437.5k
  • Token price (during pre-sale) – $0.08
  • Token price (during pre-sale) – $0.12
  • Pre-sale – Q2 2018
  • ICO start date – Q3 2018
  • Soft cap – $3m
  • Hard Cap – $35m

Notes:

  • Any unsold tokens will be burned.
  • Payments accepted in: ETH, BTC, and Fiat.

The URT tokens

As with any other ICO, the company will issue its own currency, the URT token, which is based on the ERC-20 standard.

The company describes URT as a: “utility token issued on the blockchain solely for use in transactions on the URT network. URT removes transactional inefficiencies and is ultimately indirectly linked to the value of all the auctioned assets in the system.”

Once created, the tokens will be distributed as follows:

  • Pre-sale & Public sale – 50%
  • Marketplace partners – 19.5%
  • Team and Advisors – 30%
  • Bounty – 5%

The team

Learn more about the URT team here.

Social media presence and digital footprint

At time of press:

  • Twitter – 35 followers
  • Facebook – 1 follower
  • Telegram – 1,916 followers
  • Medium – 31 followers
  • LinkedIn – 34 followers

Competition

Urtoken is currently the only ICO operating a corporate gift marketplace in the blockchain, so from that standpoint, it offers a pioneering proposition with no competition at present time.

Consult the URT Whitepaper for more information about the platform, additional features and services, etc.

See URT review on ICOBench.

Conclusion

The issue of unwanted (or useless) corporate gifts is actually quite common, as staff tend to receive something they didn’t want or ask for.

Consequently, URT’s platform offers a novel solution that might appeal to many investors and the larger community, as they will be able to monetize those unwanted items.

On the negative side, URT’s presence on social media is currently negligible, so there is a lot of work to be done on that aspect.

We will follow URT’s progress and revisit in due course.

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