Monster Products is the name of one American company specializing in headphones and manufacturing more than 6,000 products. As of recently, this company decided to shift its perspective and turn around from a downward spiral.
Monster Money Network – A Place Where People Can Buy The Monster Products With Monster Tokens
According to the company’s filing with the US Securities and Exchange Commission, Monster Products is ready to sell “monster money tokens” in order to build the “Monster Money network” and eventually sell all of its products through an eCommerce site online. The company is even planning to sell products of other companies online.
According to their official filing:
“We plan to integrate the Ethereum blockchain technology to our E-commerce website to create the new ecosystem, namely Monster Money Network where consumers may use either MMNY Tokens or fiat currencies to purchase Monster products and services.”
Currently, Monster Products is considering utilizing the blockchain technology to its marketing, accounting as well as audit, internal control and shipping functions. As they believe, blockchain will bring them a disruptive advancement and benefit their eCommerce and business operation systems.
A Payment System To Be Developed, Followed By Elimination Of Transaction Costs And Transition To Its Own (Private) Blockchain
The first step for Monster PRoducts right now is a payments system which uses an ERC 20 standard token. The next stage will focus on lowering or eliminating the transaction costs by enabling the microtransactions off-chain. The third and final stages will focus on transitioning to their own blockchain.
Monster is known for the problems with their cash flow as of recently. The company demonstrated a net loss of $26.7 million and has already lost another $19.6 million in the first quarter of 2018. Hopefully, this new initiative will bring them back to positive grounds.
2018 Is Apparently The Year When Companies Become ICOs
As we can all notice, this year there is a massive presence of ICOs – which is basically the new way companies are shifting their plans to. Instead of creating business plans and attracting wealthy angel investors in what’s known as an initial public offering (IPO), companies decide to raise money through their own tokens.
Monster Products is just an example how the concept of crowdfunding can benefit a company and secure enough funds (even if its in a big minus). New products, companies and even films and music projects are getting funded by this channel – and according to some forcases, it may soon pass venture capital as the primary source of funding for new companies.
Ever since the $18.5 million raise of capital done by Ethereum, IPOs started to transform to ICOs – rising their value and being seen as ‘innovative’ and ‘tech-oriented’ companies. Despite the fact that there are also many ICO scams that even raised more than $1 billion in 2017, the hype for ICOs is still present
Still, we must face the fact that skepticism and analysis are required for any ICO – which is still the main challenge for projects like the one of Monster Products and other similar ones on the market.