Famous electronics retailer Radio Shack celebrated 100 last year to mark the occasion. It shifted gears to become a full participant in the cryptocurrency market by releasing an NFT collection and a DeFi protocol. The company updated its bio and website to reflect its new mission of creating and promoting a DeFi project, which left many of the most dedicated Cryptocurrency Netizens scratching their heads.
What Is RadioShack?
Miami-based Retail Ecommerce Ventures LLC, led by Executive Director Tai Lopez and Senior Executive Alex Mehr, has acquired the e-commerce electronics retailer. RadioShack is now in the cryptocurrency business. The website boasts, “Think you know crypto? SHACK, YOU HAVE NO CLUE.
Although the tweet has since been deleted, it did wonders for the then-electronic shop by appealing to Crypto Degens. RadioShack has established Radio Shack Swap, its cryptocurrency exchange, joining the growing number of mainstream companies offering cryptocurrency exchange services. The company has also introduced its cryptocurrency, $RADIO. The current price of $RADIO is around a cent. As a result of the crypto market crisis, its value has dropped to about two-thirds of what it was before.
Electronics can still be purchased on RadioShack’s website. However, their crypto offers are prominently displayed on the homepage. RadioShack Swap is mentioned as the most recent company to make the switch to cryptocurrency and go live at this time. Its goal is to be the first protocol to successfully unite the Blockchain and cryptocurrencies to get widespread consumer acceptance and adoption. RadioShack has released an NFT collection using the new DeFi Protocol, hopefully convincing even the most dubious Crypto consumers to try it.
According to its website, the company acknowledges the demographic gap between crypto users and business decision-makers. And that generational gap serves as a mental roadblock for the elderly to embrace cryptocurrency.
RadioShack Launches NFT Collection and DeFi Protocol
RadioShack is also advertising a set of NFTs. RadioShack’s website claims that the company collaborated with The Franklin Mint, Modell’s Sporting Goods, and others to create the tokens that may now be purchased on the NFT Opensea marketplace.
There are 74 pieces in the collection, ranging from portraits of firm founder and CEO Alex Mehr to shots of cars and sports arenas to three-dimensional models.
The question is whether RadioShack can make a go of this new endeavour. Will it replace Kodak, or possibly be replaced by another “Long Island Blockchain Tea”? It’s anyone’s guess. However, this is the cryptocurrency space, so at least speculative investors may buy a new coin at the start of each unknown chapter.
Even though nothing has been officially announced, RadioShack’s new Twitter bio says it all: The company’s current goal is to create a sizable splash in the distributed-funding sector. The company has been around for 100 years and has updated its Twitter profile to reflect its desire to mainstream cryptocurrency.
The company’s new goal is “to be the first protocol to overcome the gap in general usage of DeFi. RadioShack Defi has taken over the company’s main website. First up for the novel DeFi service is a Swap that the Atlas USV token will fuel. The plan is to set up a mechanism wherein tokens issued by third parties constantly flow into the DEX in exchange for USV Tokens at a discount.
Why Is RadioShack In Crypto?
For the most part, RadioShack Crypto aims for the early adopter demographic. It will be the first to trade with a 100+ year-old trademark known in practically all 190+ nations worldwide. RadioShack’s end goal is not just the widespread adoption of its product by consumers but also the use of its product as a stepping stone for hundreds of large, well-known companies to enter the blockchain industry.
At the moment, there are only well-known Crypto brands that are 15 years old. It’s never been this clear before. The firm thinks that a renowned company in the tech industry should take the lead in bringing crypto to the masses. For nearly a century after its founding in Boston in 1921 by brothers Milton Deutschmann and Theodore, electronics retailer RadioShack remained an industry frontrunner. Despite its decline over the past decade, the brand remains firmly established in the minds of consumers worldwide, making it an ideal candidate for a strategic shift toward pioneering blockchain technology’s widespread adoption by other significant businesses.
Keep in mind that the average age of a crypto customer is only 24 (or even lower in places like India). In contrast, the average age of a corporate, decision-making, global CEO is 68. That there are so many fewer people in the crypto community than in the general population is a major psychological hurdle to overcome. The older age doesn’t put much stock in the Bitcoin generation’s cutting-edge ideals. A trusted, century-old brand name is likely the best option to connect the world’s top business executives with the emerging cryptocurrency market.
An updated version of the Nash-Equilibrium Token Defense (NETD) formula proposed by the Atlas USV protocol underpins the tokenomics tenet. Therefore, all the components created for Atlas USV will be present in RadioShack’s initial, fully diluted supply.
For example, for every $1 of USDC/DAI etc., in the liquidity pools, the swap requires $1 of RADIO to be paired with it. It is just one example of how the RadioShack Swap’s tokenomics differ from those of other swaps; the other significant difference is that in the Starfish Topology, 60% of the TVL of the whole protocol is RADIO matched with other tokens in numerous limbs of the Starfish. In PODL terms, this means reserving a substantial percentage of the initial supply.
The corporation is taking a risk by adopting a new image that it hopes would attract a younger audience at the expense of many of its current consumers. “Everybody interested in cryptocurrency is attracted to this type of humour,” says Kylie Cammon, owner of the social media marketing firm Flying Hare Social. They have found what they were hoping to see there,” she added.
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