It, thus, provides creators with the needed in-app tools and global access to consumers. The belief is that this will democratise the playing field for User Generated Content (UGC).
The press release said that the Reel Mark is formed using an alphabet R enclosed in a square with two sharp edges and two rounded edges.
Explaining the philosophy behind the logo, the ReelStar said the sharp edges stood for "the group’s commitment to transparency and fairness while the rounded corners stood for politeness and adaptability to the future world."
The app will feature in-app tailor-made NFT creation features, Smart Contract customisation, and an NFT Marketplace in an easy-to-use Android and iOS environment. The company says that every creator can easily monetise their content.
ReelStar has also announced that it has raised over $ 5 million from the Initial Token Offering (ITO) of its utility token ReelToken (REELT). ReelToken is based on a multi-blockchain platform and architecture. It uses the Polygon (MATIC) and Binance Smart Chain (BSC).
Well-known industry leaders including Irfan Pathan attended the event named as 'ReelTalk' in Australia's Melbourne organised by Reel Star.
Speaking at the event, Co-Founder, Navdeep Sharma, said, “Our app will provide a global platform for creators thereby enabling a positive network of communities that inspire connection, collaboration and inclusion. Our UVP lies in our seamlessness and our easy-to-use platform that is accessible to almost everyone to create, collect, trade, and monetise an exciting array of NFTs and User Generated Content.”
ReelStar will be the main sponsor of the Indian Sneaker Festival happening in December this year along with being the principal sponsor for the Delhi Bulls cricket team. It is also organising the ReelStar cup to be hosted in the UAE along with being the title sponsor for Nora Fatehi and Guru Randhawa’s - The Unity Tour in Australia.
Following on from the ITO, Reel Star aims to raise an additional $ 31.27 million via staged releases to the public. ReelStar’s board of advisors includes global crypto leaders like Evan Luthra, Naveen Kapoor, and Indian-American serial entrepreneur Ms. Nikita Sachdev among others.
India has the second-largest media and entertainment industry in the world. Indian revenue is estimated to be over USD 30 billion by 2023 with 900 mn Internet users by 2025. ReelStar is already working closely with many key industry players.