A digital advertising ecosystem today runs against the concept of privacy. Any action an user does on the internet is used as a means to serve ‘relevant’ ads instantly. Brave, a free and open source browser, is a popular way for crypto users to access the internet – it does not record your browsing history to serve you ads for example. In fact, it goes one step further to let its users watch ads in exchange for its native cryptocurrency. Today, we analyze this popular browser and the associated cryptocurrency.
The Basic Attention Token (BAT) is a blockchain-powered token that keeps track of the time and attention spent by consumers on media content in websites using the Brave browser. While the majority of the cryptocurrencies are focused on blockchain, DeFi (Decentralized Finance), data storage, transaction and handling, there hardly exist any market players who show their attention to digital advertising and efficient online marketing.
BAT is an unique token that powers a blockchain-enabled digital advertising platform in the Brave Browser, where the users are able to watch ads that preserve privacy and obtain BAT rewards for doing so. This allows fair rewards to users for their attention while also providing advertisers with a better return on their investment, with the added benefits of targeted advertising for maximum engagement and reduced losses to fraud.
The BAT token is used as a reward unit in the Brave ecosystem and is exchanged between users, advertisers, creators and publishers. Advertisers can pay for their ad campaigns via BAT tokens and about 70% of these are redistributed to the users.
BAT has a maximum supply of 1.5 billion, out of which more than 1.49 billion are already in circulation. It currently ranks among the top 100 cryptocurrencies in the world with a price tag of $1.18 per token, with more than $1.7 billion market capitalization. More than 42 million users of Brave browser get access to BAT tokens for being part of the ecosystem. This is expected to grow to 100 million in the near future bringing additional demand to the BAT token.
Source: TradingView, Binance
BAT started this year with a price tag of less than $0.2 per token and hit an all-time high of $1.65 in April, which is more than a 700% increase in just four months. Today, it trades at $1.18 - which is a crucial resistance level based on a fibonacci pull from its recent 40% drop. Should it overcome this level, it should be relatively clear skies ahead for BAT until $1.38, followed by $1.46 and $1.65.
With Bitcoin and the broader altcoin market looking fairly bullish, these targets should be attainable for BAT. However, any bearish scenarios may see it revisit support levels located at $1.07 and $0.94, where investors can choose to add to their positions.
Both Brave Browser and the BAT token have achieved substantial user uptake since their launch. As of October 2021, Brave Browser has over 42 million active monthly users and 14 million daily active users, whereas BAT is currently held by more than 7 million unique wallets.
Since 2019, online advertising is gaining prominence and is primed up for a blockchain revolution. Crypto users can catch in on the BAT token by investing a share of their portfolio or at the very least, by watching an ad on Brave browser.
Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.