FOMO Hits Basic Attention Token After Coinbase Unveils New Earning Opportunity
Basic Attention Token (BAT) climbed the crypto market rankings on Thursday after Coinbase announced a new opportunity to earn free tokens through the interactive Brave browser.
BAT Price Update
BAT quickly emerged as the market’s top performer on Thursday, gaining as much as 30% in less than two hours. The token peaked at $0.1342 late Wednesday, according to CoinMarketCap. That was the highest level in nearly a month.
By comparison, the broader cryptocurrency market fell to fresh yearly lows on Wednesday. Read more: Crypto Markets in the Danger Zone as Altcoins, Tokens Tumble.
At the time of writing, BAT was trading just below $0.1200, having gained 16.4% over the past 24 hours. It has a total market capitalization of $147 million, putting it in the no. 32 spot on the active market-cap rankings.
Trade volumes have surged tenfold in the last month, reaching $25.5 million on Thursday. Binance was the largest market for BAT trading, accounting for more than 40% of the daily volume.
Coinbase Offers Free BAT
On Wednesday, Coinbase launched a new ‘Earn’ program centered on Basic Attention Token, which allows users to earn free BAT by completing a series of educational lessons through the Brave browser. BAT is the native token of the Brave browser, which has been designed to boost digital advertising capabilities for online publishers and users. By completing the lessons, users can earn up to $10 worth of BAT. At today’s prices, that’s equivalent to roughly 92 BAT.
From the Coinbase blog: “Along with the series of educational videos where you can learn more about the Brave browser and BAT, customers will also have the option to earn BAT by using the Brave browser. We hope this will encourage people to explore and use utility tokens first-hand in their native environments, like the Brave browser.”
Basic Attention Token seeks to remove the middlemen from digital advertising and improve the end-user experience. According to the company, Google and Facebook take nearly three-quarters of all advertising dollars and account for 99% of the market’s total growth. This makes it more difficult for publishers to monetize their content. Advertisers themselves are also hurting due to skewed metrics and poor targeting.
Facebook was at the center of controversy in 2016 after it came to light that the social media giant was inflating its video metrics. According to Fortune, the problem may be much bigger than initially reported. Plaintiffs in an amended lawsuit showed that the social media platform was knowingly inflating its metrics as far back as January 2015.
While Basic Attention Token doesn’t aim to resolve these issues specifically, it is providing an alternative, blockchain-based solution to a growing problem in the world of online advertising – namely, centralization and skewed information.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.