JRR Token: Fans create cryptocurrency based on “Lord of the Rings” | finance

“One token for all to rule”, this is the introduction of the newly created cryptocurrency JRR Token, inspired by J.R.R Tolkien’s popular universe of Lord of the Rings, which began to be traded this Friday (06). The new digital currency even featured a video recorded by Billy Boyd, an actor who plays the hobbit Pippin Took, promoting the token.

Promotional image of JRR Token, depicted as the ring of power in The Lord of the Rings (Image: Representation: YouTube)

It is a digital currency based on Binance Smart Chain and which rewards its holders with a percentage of each transaction carried out, according to its official website. “We created the JRR Token with the intention of being a stable and sustainable cryptocurrency that could be adopted by adventurous spirits around the world,” says the cryptocurrency pre-order page, which will have a total stock of 19 trillion units a a starting price of $1.07.

Billy Boyd promotes JRR Token

In addition to the theme of the token itself being curious and appealing to Middle-earth’s huge global fan community, Billy Boyd was also hired through his Cameo page, a platform that allows celebrities to pay to record messages and promote products. In a 40-second video, the actor speaks favorably about the new cryptocurrency.

While Boyd doesn’t explicitly tell people to buy the cryptocurrency, he does claim that the JRR Token will be something that will last and will be available for a long time. He also suggests that the asset “goes to the moon”, an expression popularized in the universe of digital currencies to indicate that its price should take off.

However, the backlash of the JRR Token release and Boyd’s promotional video didn’t please many fans of Lord of the Rings on the social networks. Among the numerous criticisms, there is a comment that calls the actor “Took fool”, in reference to the speech of the magician Gandalf in The Fellowship of the Ring.

JRR Token’s official twitter page makes it clear that Boyd’s recorded video is just an advertisement. The actor also did not indicate that he actually bought the cryptocurrency.

Cryptocurrency promises long-term enrichment

According to its creators, the JRR Token was designed for long-term value. For this, there is a system that divides some percentages on the earnings of each transaction. For investors, 3% of all trades will automatically revert to them, while 3% will go to a liquidity pool and another 3% to a portfolio dedicated to currency marketing and charitable projects.

The developers guarantee that this wallet will be used exclusively to promote digital currency as it grows, while unused funds will all revert to charities.

At the moment, the JRR Token can only be purchased through the decentralized digital asset trading platform PancakeSwap, which allows you to exchange one cryptocurrency for another. It is worth noting that this site does not carry out verification procedures and that anyone can place a digital currency for sale.

JRR Token Already Faces Coup Charges

Bitcoin plummets after Chinese government anti-cryptocurrency statement (Image: Hawksky/Pixabay)

Pump and dump scams are common with young cryptocurrencies (Image: Hawksky/Pixabay)

Given the growing scams with newly created cryptocurrencies, especially the so-called “pump and dump”, the JRR Token did not start well. Its promise of long-term enrichment and system appealing to a niche in geek culture raise some alarms.

In these pump and dump schemes, cryptocurrencies are created based on big promises to their investors. Usually, famous people are hired to publicize the new asset, which then undergoes a sudden increase in demand and a consequent price appreciation. Thus, the creators of the cryptocurrency sell their gigantic reserves, profiting while new investors lose.

The JRR Token then began to be characterized as a potential pump and dump scam on social networks, given that it has similar characteristics to scams already seen. The criticism, however, did not stop there.

Extensive ideological debates have erupted among Tolkien fans, some suggesting the author would not support the initiative, while others argue that the decentralization of cryptocurrencies is supported by the books, which treat the centralized power of Sauron’s ring as something evil.

With information: Gizmodo

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