Headphone company plans is pivoting to the blockchain.
If at first you don’t succeed, maybe try launching a $300 million initial coin offering.
That appears to be the thinking of headphone manufacturer Monster Products, Inc., which last week filed a statement with the SEC laying out its plans to sell “Monster Money Tokens” in what could charitably be described as a last grasp at relevance.
Coindesk spotted the SEC filing in question and noted that the company perhaps most famous for losing control of Beats just so happens to have also been “losing money for years.” Monster Products is the same manufacturer that, according to an in-depth Gizmodo report, developed Beats headphones but then signed away the technology rights to Interscope Records co-founder Jimmy Iovine and Dr. Dre.
But the Monster Money Token ICO is sure to turn around those misfortunes. I mean, just look at the breadth of the company’s vision as laid out in the filing:
“We plan to integrate the Ethereum blockchain technology to our E-commerce website to create the new ecosystem, namely Monster Money Network where consumers may use either MMNY Tokens or fiat currencies to purchase Monster products and services.”
That’s right, like so many storied brands before it, Monster is pivoting to the blockchain.
“We believe the blockchain innovation will bring disruptive advancement to our E-commerce and business operation systems,” continues the filing.
This is 100 percent sure to be a game-changer for the company, who sees its future competitors as limited not to the Boses and Sennheisers of the world, but rather a different class entirely.
“[We] consider Amazon, E-bay and Alibaba as examples of our main competitors with respect to the new Monster Money Network and our existing E-commerce platform,” the filing notes.
Yup, those monster tokens and their respective “network” are set to give Amazon a run for its money. While, sure, successful e-commerce platforms would be competitors to MMN if it ever became a huge success, that assumes it gets off the ground in the first place.
Don’t focus on that annoying detail, however. Instead, think of your good luck. Specifically, the fact that Monster intends to list the tokens for $1 a pop — so feel free to snatch up a ton of them!
But, also, maybe don’t do that. The company admits in the filing that there is substantial risk in its plan. One large concern? The entire thing may fail.
“It is possible that the Monster Money Network may not become popular or be used by a large number of individuals, companies and other entities or that there will be limited public interest in the creation and development of its ecosystems.”
Pay that no mind, however. Because when a headphone company is losing money and announces a seemingly out-of-nowhere plan to launch an ICO, you know your investment will be in safe hands.