Lady Monika Bacardi of the Bacardi rum empire has made an investment valued at $100 mln in a blockchain-powered social entertainment platform, according to an announcement from the company shared with Cointelegraph today, May 11.
Lady Bacardi is quoted by the company as saying that the platform, dubbed TaTaTu, “reinforces [her] bullish stance on the promise of blockchain technology and cryptocurrency.”
TaTaTu proposes to incentivize viewers using their platform – which is a hybrid of a Video on Demand (VOD) service and a social networking site – by rewarding them with crypto tokens for consuming and contributing content. The tokens also allow advertisers to pay for advertising on the platform.
TaTaTu argues that traditional video streaming services encourage illegal piracy, and that a blockchain system can offer higher levels of transparency for rights holders.
The intent to give users an opportunity to monetize the data they hand over as they consume content appears to be shaped by the context of the EU’s General Data Protection Regulation (GDPR) laws, which came into effect on May 25, and are referenced in the press release.
Last month, Cointelegraph reported on a European blockchain startup that uses an ECR-20 token to both incentivize and enable consumers to create a passive income stream by selling their personal data directly to corporations. Its creators claim that the global trading volume of personal data has reached $250 bln.