Fetch.AI ICO sold out in 10 seconds on the Binance Launchpad, becoming the second token sale to be facilitated by Binance Launchpad. Last month, Binance Launchpad facilitated BitTorrent ICO that sold out in less than 20 minutes.
Fetch.AI specializes in artificial intelligence and digital economics. Contributors could exchange Binance’s native token, BNB, for FET during the Monday sale session with each token going for 0.0867 USD with a maximum allocation of $3,000 per contributor during the sale. Binance sold 6% of the total supply for approximately $6 million. A total of 69,179,855 FET tokens were sold during that very short time with orders pledged by nearly 20,000 people. Out of these orders, 2,758 separate contributors bought FET tokens with orders processed by Binance in roughly 10 minutes.
During the BitTorrent sale, the platform suffered a system issue that delayed the sale time. Changpeng Zhao, CEO of Binance said the sale would have taken seconds to finish if there weren't any issues.
Fetch.AI has already delivered a decentralized platform for deploying Autonomous Economic Agents. Among its’ initial innovations are its’ Smart Ledger and its’ Virtual Machine with which developers can build Synergetic Smart Contracts. These contracts are extensions of the original concept of smart contracts but enable off-chain computation to be included in agreements involving multiple parties. Examples of use cases for these smart contracts include solving optimization problems in mobility, such as package delivery, ride-hailing, and autonomous car routing.