ReelStar raises USD 5+ mn from ITO of ReelToken (REELT)


Mumbai, November  2022: The ReelStar app, India’s most advanced Web3 integrated social media platform, announced that it has raised over USD 5 mn 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) extensible to multiple blockchain networks.

ReelStar is an ‘everything app’ with integrated multiple social media, Web3, and payment functionalities. It features in-app tailor-made NFT creation features, Smart Contract customization, and an NFT Marketplace in an easy-to-use Android and/or iOS environment. The app provides creators (at any level) with the needed in-app tools and global access to consumers other without requiring large budgets or technical knowledge. This will democratize and level the playing field for User Generated Content (UGC). Best of all every creator can easily monetize their content!

Well-known industry leaders attended an event, ReelTalk, in Melbourne, Australia organized by Reel Star. Topics presented and discussed included Web3 integration with social media and its importance as a game changer for the media and entertainment industry especially relevant to India but with global application.

Former Indian cricketer, Irfan Pathan, was just one of the celebrities that graced the event where Navdeep & Nick the Co-Founders of ReelGroup were excited to reveal the logos of ReelStar, ReelToken & ReelPay. The philosophy behind the logo was revealed; the Reel Mark is formed using the alphabet R enclosed in a square with 2 sharp edges and 2 rounded edges. The sharp edges stood for the group’s commitment to transparency & fairness while the rounded corners stood for politeness & adaptability to the future world. These all underpin each company’s user-centric values and approach.

Speaking, at the event, after a successful ITO, Co-Founder, Navdeep Sharma, said, “ReelStar aims to energize and reinvigorate the global media and entertainment industry. 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 monetize an exciting array of NFTs and User Generated Content.”

India has the second-largest media and entertainment industry in the world. Indian revenue is estimated to be USD 30+ bn by 2023 with 900 mn users by 2025. ReelStar is already working closely with key industry players to give access to both fresh new talent and reinvigorate industry veterans to showcase their art to a global audience on the platform and be rewarded for doing so.

ReelStar will be the main sponsor of the Indian Sneaker Festival happening in December 2022, it is also the principal sponsor for the Delhi Bulls cricket team and is organizing the ReelStar cup to be hosted in the UAE. It is also 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 USD 31.275mn via staged releases to the public. It has established a capped supply of 15 bn REELTs, of which 5% will be in the first series of releases.

ReelStar’s board of advisors includes global crypto leaders like Evan Luthra, Naveen Kapoor, and Indian-American serial entrepreneur Ms. Nikita Sachdev, among others.