ANAHEIM, Calif.--(BUSINESS WIRE)--Props, a crypto token that enables apps to reward users and content creators with a financial stake in the network they engage with, is now available to millions of users, as the offering of Props has been qualified under Reg A+ by the U.S. Securities and Exchange Commission.1 Props is the first consumer facing crypto token qualified by the SEC. Live video app YouNow announcing today at VidCon—the world’s largest video creator conference—that starting today, its content creators and other users may begin earning Props as a reward for common in-app activities that drive community engagement. In addition, 47 million registered YouNow users are now eligible to receive Props Tokens, in recognition of their lasting contributions to the network.2
The Props team is building open source infrastructure for a network of apps capable of transparently and fairly rewarding those who help network growth.3 The Props platform abstracts the blockchain infrastructure for apps, enabling them to easily plug Props Tokens into any app4 and create their own token-based “loyalty program.” As more apps join the network, users will be able to use Props tokens to unlock additional benefits across apps.5 Users hold the Props they earn for those benefits, and enjoy the upside potential of owning a financial stake in the network.
“Online video content made by independent creators has become massively popular, but still lacks diverse ways for creators to turn their content to a meaningful source of ongoing income,” said top YouTuber and Props investor Casey Neistat. “I’ve been working with the Props team as we share a similar vision, to help creators find ways to earn more value off of their passion for making videos.”
On YouNow—the first app on the Props Network—users can earn Props Tokens by creating content, supporting their favorite content creators, and actively engaging with the app, just like they always have. Based on their Props holdings, users receive unique benefits on the app, such as a daily stipend of YouNow’s in-app currency, increased in-app status, exclusive virtual items and coming soon, discounts and other features.6
Following the SEC’s official approval of Props, another company announced today that its apps will join as a partner in the Props Network: SplitmediaLabs, makers of XSplit, a high-end software for game streamers with more than 13 million users. Henrik Levring, CEO of SplitmediaLabs said “By integrating Props into our apps, we become even more aligned with our loyal users. Our users can already start earning Props when they stream to YouNow from XSplit.”7
In June, PeerStream, a NY Based operator of multiple apps announced that two of its video apps, with millions of active users, joined the Props network. PeerStream CEO, Alex Harrington, said he intends to launch Props this quarter.
Props Co-founder and YouNow CEO Adi Sideman is available for interview
Props’ regulatory filings are available here on the SEC’s Edgar website
About Props
The Props Network, governed by Props PBC, a Delaware public benefit corporation, is built on the mission of creating a decentralized model for digital media that uses blockchain technology to fairly reward the contributors that power the network. Props is hosted on the Ethereum blockchain and serve as the base token for applications within the ecosystem, granting users access to features and content. Third party application developers, content creators, publishers and end-users will be incentivized to participate in the Network by earning Props.
About SplitmediaLabs
13 Million people and businesses use SplitmediaLabs gaming focused products - XSplit, Challonge and player.me - to grow their communities, create innovative content and connect with other players from around the world. Based in Hong Kong and with a development center in Manila, SplitmediaLabs has helped usher in the new age of live streaming gameplay since its creation back in 2009.
Disclaimer
The Securities and Exchange Commission (SEC) has qualified the offering statement that we have filed with the SEC. The information in that offering statement is more complete than the information we are providing now, and could differ in important ways. You must read the documents filed with the SEC before investing. The offering is being made only by means of its offering statement. This document shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
An indication of interest involves no obligation or commitment of any kind. Any person interested in investing in any offering of Props Tokens should review our disclosures and the publicly filed offering statement and the final offering circular that is part of that offering statement at this website. YouNow is not registered, licensed or supervised as a broker dealer or investment adviser by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) or any other financial regulatory authority or licensed to provide any financial advice or services.
Forward-looking statements
This communication contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us. In some cases, you can identify forward-looking statements by the following words: “will,” “expect,” “would,” “intend,” “believe,” or other comparable terminology. Forward-looking statements in this document include, but are not limited to, statements about our plans for developing the platform and future utility for the Props Token, our Reg A+ offering and launch of our network, and collaborations and partnerships. These statements involve risks, uncertainties, assumptions and other factors that may cause actual results or performance to be materially different. More information on the factors, risks and uncertainties that could cause or contribute to such differences is included in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion & Analysis” sections of our offering statement on Form 1-A. We cannot assure you that the forward-looking statements will prove to be accurate. These forward-looking statements speak only as of the date hereof. We disclaim any obligation to update these forward-looking statements.
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- A “financial stake in the network” means the ability to participate in an increase in the value of Props if the use of our platform increases and results in an increase in the demand for, and therefore the value of, Props. Holders of Props will not receive an interest in the profits or losses of YouNow, Props PBC, any other YouNow affiliate, PeerStream, or SplitMediaLabs, any rights to distributions from YouNow, Props PBC, any other YouNow affiliate, PeerStream or SplitMediaLabs, or any legal or contractual right to exercise control over the operations or continued development of YouNow, Props PBC or any YouNow affiliate or any legal or contractual right to exercise control over the operations or continued development of PeerStream or SplitMediaLabs.
- Users of an app that integrates Props may be able to receive Props upon their review and acceptance of the terms and conditions for use of the app and the completion of certain other administrative steps. Non-US users of an app that integrates Props will be required to make their own determination as to whether such usage or any transfer of Props is in compliance with their relevant state and foreign securities laws.
- YouNow has created open-source software to enable participating apps to use the Props blockchain.
- Some modifications to an app may be necessary in order to ensure Props are fully functional.
- Props will initially be available only on the YouNow app. Other apps are in the process of integrating Props at the moment, and we anticipate that they will launch Props in the coming months.
- Certain features are not currently available and it is anticipated they will become available in the future.
- Users of an app that integrates Props may be able to receive Props upon their review and acceptance of the terms and conditions for use of the app and the completion of certain other administrative steps. Non-US users of an app that integrates Props will be required to make their own determination as to whether such usage or any transfer of Props is in compliance with their relevant state and foreign securities laws.
