The cosplay industry is struggling with its new cryptocurrency

A plan to merge the worlds of cosplay and cryptocurrency has hit some early struggles…

Cosplay is an industry that’s exploded in recent years, with more and more popular culture enthusiasts dressed up as their favourite characters from film, TV, games, anime and more. In fact, it’s now estimated that the industry has grown to be worth over $40bn a year. Now, one of the biggest online cosplay platforms is looking to cross the worlds of cosplay with cryptocurrency, with a new token offering. Although it’s got off to a rocky start.

WorldCosplay reportedly has over 700,000 members across the world, in more than 180 counties. And it’s introducing what’s called the Cosplay Token (COT), a new cryptocurrency that’s fuelled by the intention of letting cosplay creators make money from their work. The ITO for the token has begun, and it’s been lists on the QRYPTOS exchange.

The aim of the token is to utilise blockchain technology to create a secure copyright record to help protect people’s work. Furthermore, people can use their tokens to create ‘Cosplay Player Coins’, and these in turn can be used to pay for the likes of merchandise and tickets.

That said, take up has been extremely slow. With under a week of the ICO remaining, take-up of the tokens stands at 0.05%. Unless there’s a substantive uplift in the next few days, the plans for COT will have hit a pretty substantial stumbling block.

The website for the token can be found here, and the public sale comes to an end on August 25th, after commencing on August 12th.