AFOX Planning to Tokenise Media Buying Contracts
By Jamie Green – Crypto Dealer
The advertising firm, Parsec has introduced a pilot program known as Advertising Futures and Options Exchange (AFOX), offering future trades and options whilst settling digital advertising contracts on R3's blockchain Corda. MediaCom are the platform's first participants announcing the first futures contract that has been traded without Parsec's third-party involvement.
As detailed on Coindesk, AFOX uses a guaranteed quality metric, which measures at one second of a person's full attention per advertisement, and then encodes the "impressions" on the blockchain. This data will be immutable for verification and is a measure utilised by companies to determine the value of the service. A crypto company could use the service to determine if more are buying crypto due to their advertisement.
MediaCom managing partner, Charlie Fiordalis, has expressed his frustration that current media contracts don’t enforce quality standards. This leads to consumers requesting favourable cancellation agreements.
Fiordalis says that Parsec hopes to decrease contract cancellation by helping buyers track those who saw the advertisement, see where it ran off to and how it was adjusted by variables.
This does away with the need to have an "out" from unfulfilled contracts for consumers as every bit of data is available. This type of system will provide the consumer with greater transparency and see if it encouraged more to the platform to potentially buy and sell Bitcoin.
As of now, Fiordalis said that a Superbowl ad is the best media asset as it gains massive reach within 30 seconds. What makes Parsec different is that one-second of full attention per advertisement makes them non-cancellable.
Fiordalis says that "one second of attention is an easily tokenised asset." It has not been stated whether one token will equate to one second of an advertisement reaching a consumer, but users could potentially buy cryptocurrency on the network for the purpose of paying for advertisements.
As a matter of fact, AFOX is set to tokenise these blockchain-supported media contracts and have them available on the secondary market as media options and futures.
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