According to two former employees, the crypto-focused media company BlockTV announced the closure of its operations due to the economic tensions caused by the COVID-19 crisis.
After a round of mass layoffs in March, the remaining members of the 35-person company, BlockTV, announced the closure of its operations and members were laid off.
„The Covid-19 crisis hit us hard and we had to close BLOCKTV,“ said BlockTV’s COO, Noa Tamir. „We are very proud of the brand we built and all the fresh content and news we brought to the Blockchain and Crypto community. We look forward to bringing BLOCKTV back to life in the future.
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Birth and closure of the company
The news organization was launched in 2019 with the support of controversial crypto businessman Moshe Hogeg. Last November, BlockTV tried to raise $2 million by selling its BLTV token on the Crypto Cash exchange platform.
Like Brave’s Basic Attention Token (BAT), the BLTV token encouraged readers, publishers and journalists to help share the revenue. The launch is detailed in a post on the company’s blog. However, the sale of tokens did not help the startup during the crisis.
View the other BLOCKTV Tweets
The launch of the BLTV token took place on November 21st and was celebrated through a live broadcast from the company BlockTV.
„Unfortunately they were forced to effectively close the store with the coronavirus closures,“ said former BlockTV senior analyst and host Asher Westropp-Evans. „As with so many others, it was difficult to keep operations running smoothly in such stressful conditions.
Also, having a „skeleton crew“ after the March layoffs did not work, Westropp-Evans added.
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The BlockTV token
On November 21st BlockTV entered the crypto market with the launch of its BLTV token. A token ERC-20 that operates in the Blockchain of Ethereum. It aimed to boost a new token economy that combines journalists and sources, consumers and advertisers.
The main use of the BLTV token was to encourage sources to share their information with publishers. Through the BLTV newsroom. The publisher verifies the content, packages it and publishes it.
After publication, the story is tracked and the advertising revenue it generates is shared with the source based on wager and reputation.
The BLTV’s record also allowed for an innovative business model to operate to finance quality journalism. Eliminating much of the uncertainty when it comes to user interaction with content and ads.
BlockTV initially put its token at a pre-sale price of $0.01. At press time, data provider CoinGecko put BLTV at $0.003, down 70% from November.
„In the atmosphere of COVID’s early days when everything seemed to be in freefall, people were not eager to take on an additional investment in tokens. So that wasn’t going to help a short-term squeeze. Westropp-Evans said.
Before the pandemic, BlockTV had planned to launch a studio in New York City in the first quarter of 2020 to complement its line of news reporting. The start continued to broadcast content intermittently during the spring months, as can be seen on its Twitter feed.