BitTorent Tokens Sold Out in 15 Mins Despite Technical Issues

BitTorent tokens (BTT) saw a huge demand as, in the recently conducted token sale, tokens worth around $7.2 million were sold out in under 15 minutes.

Offered on Binance Launchpad, the token launch platform of Binance, BTT token sale ran in two simultaneous sessions - one purchase using Binance Coin (BNB) and the other using Tron (TRX). According to the officially published report, a total of 59.4 billion BTT tokens were offered, of which 23.76 billion BTT was kept for BNB token holders, while the other 35.64 billion were offered against TRX.

In both sessions, the tokens were sold within mere minutes of initiation of the token sale event - 13 minutes 25 seconds in case of the BNB offering and 14 minutes and 41 seconds against TRX.

Binance also revealed that 622 investors took part in the TRX session and 340 participants in the BNB session.

Both the founders of Tron and Binance are overwhelmed with the demand of the token.

It is official: In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds. Meanwhile, in the TRON session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds. #BTT $BTT #BitTorrent #TRON https://t.co/C1dqxRkO2l

— Justin Sun 🅣🌞 (@justinsuntron) January 28, 2019

The experience, however, was not good for all investors as many complained about technical issues with their order.

https://twitter.com/cz_binance/status/1089904398254239745

Luckily, both the founders addressed the issues of the token offering platform and announced an Airdrop Airdrop An airdrop is defined as the distribution of a cryptocurrency token to numerous wallet addresses, in most instances free of charge.Airdrops are primarily utilized as a way of a project garnering higher levels of attention and new followers. Such efforts are important in culturing a larger user-base and a wider disbursement of coins.Airdrops can be seen as a marketing tool. They are usually used as a promotional effort to encourage liquidity in the markets for these coins, since users are more li An airdrop is defined as the distribution of a cryptocurrency token to numerous wallet addresses, in most instances free of charge.Airdrops are primarily utilized as a way of a project garnering higher levels of attention and new followers. Such efforts are important in culturing a larger user-base and a wider disbursement of coins.Airdrops can be seen as a marketing tool. They are usually used as a promotional effort to encourage liquidity in the markets for these coins, since users are more li Read this Term to the investors with failed orders.

Due to overwhelming demands, Tron team generously agreed to do a small airdrop for people who tried to place orders, but was not successful in buying. Exact numbers will be published soon.

— CZ 🔶 Binance (@cz_binance) January 28, 2019

Critics’ Take

Despite the success of the token sale, the project had a fair share of its critics. Tomas Schultz, the co-founder and CEO of the cryptocurrency wallet management application Cha-Ching, raised questions about the size of the BitTorent platform as its popularity took a hit with the rise of streaming services in the recent years.

https://twitter.com/ThomasSchuIz/status/1089745156708937728