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.
Company staff tend to receive freebies when they hit certain career milestones such as five years in the company, ten years, etc.
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.
$90B. This staggering number represents the annual size of the corporate rewards industry. Combine this with the FACT that a huge % of these rewards go unused. How many more billions of dollars in prizes need to go to waste?
— Universal Recognition Token (URT) (@ur_token) June 21, 2018
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.
Here's the key problem we're trying to solve with URT — the fact that a substantial portion of gifts and rewards DON'T actually match up with what the employee truly wants. Our #blockchain marketplace will be the best way for employees to get exactly what they want. #HRTech pic.twitter.com/klJG2L3LuK
— Universal Recognition Token (URT) (@ur_token) June 13, 2018
The technology uses smart contracts for matching sellers with buyers in a marketplace environment.
URT in figures & quick facts
— Universal Recognition Token (URT) (@ur_token) June 8, 2018
- 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
- 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%
Learn more about the URT team here.
Social media presence and digital footprint
— Universal Recognition Token (URT) (@ur_token) June 6, 2018
At time of press:
- Twitter – 35 followers
- Facebook – 1 follower
- Telegram – 1,916 followers
- Medium – 31 followers
- LinkedIn – 34 followers
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.
Join our Telegram group at https://t.co/0A62GILQ01 for the most recent news and announcements!
— Universal Recognition Token (URT) (@ur_token) May 7, 2018
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.