Otaku is a term veiled in complexity, but over the years, it has evolved to be used to refer to a person “who is obsessed with computers or particular aspects of popular culture” – especially in Japan.
Tokyo Otaku Mode (TOM), a Japanese company which runs a website focusing on Japanese pop culture, as well as an online shop, has announced its plans to launch a new cryptocurrency. Unsurprisingly dubbed Otaku Coin, the issuance of the new digital currency is planned after summer or fall 2018.
Based on the concept paper (dated May 9, 2018) published by the Otaku Coin Preparation Committee (OCPC), the goal is to “seamlessly connect fans worldwide with creators and otaku-related companies. Otaku Coin will also contribute to the preservation and development of otaku culture (anime, manga, games, and other contents, as well as works based on that content, community activities, and other secondary activities)“.
The OCPC states that it plans to issue 100 billion Otaku Coins and has no intentions of conducting an Initial Coin Offering. Additionally, they are going to develop a special wallet application for Otaku Coin with the aim of ease of use for all – especially for individuals who may not have in-depth knowledge of the cryptocurrency space.
The distribution method is via AirDrop and Bounty Program. The breakdown:
- 61% will be used for funding projects which will contribute to the development of otaku
culture AND a smaller portion of these coins will be gifted to users (distributed to them at no cost) through AirDrop and Bounty Program
- 39% will be used as operating expenses for the Otaku Coin Fund (consisting of planning partners, advisors, and other administrative members).
The concept of Otaku Coin garnered positive interest initially, but doubts about it have been surfacing, mainly because of the 39% of the coins. Fans like Socialanigirl has analysed the concept paper in detail, providing food for thought for the community.
Otaku Coin is in very early stages and its developers state that they will continue to tweak their concept as they receive feedback.