As you know, cryptocurrencies are taking many industries by storm.
Singapore-based MegaX introduces the first-of-its-kind global millennial online mall, having raised USD2.5M from a token sale concluded on 16 November 2017.
MegaX, a partnership between iFashion Group and MC Payment, has launched an online mall (Megaxstore.com) targeted at millennials. Having been in the retail industry since 2009, the mall has served over 1 million customers worldwide. The mall will provide visitors with access to over 1,500 global brands and 80,000 products, featuring items such as the Google Pixel 2, the Oculus Rift Touch VR System, iPhone X and even adrenaline-pumping toys like a hydro jet that allows a rider to hover above the sea. The online mall will also include exclusive concierge service which aims to provide shoppers looking for a getaway with unique holiday experiences. Customers should expect packages such as exotic stays in Irish castles, silver mines, airplane fuselages and even ice hotels.
The ability to transact using MGX coins and other cryptocurrencies will provide crypto-savvy millennials with the opportunity to experience a new retail phenomenon in the future of a cashless society. MegaX envisions and has been working towards a future where ultimately MGX, the native currency, will be the cryptocurrency of choice for millennials to earn, spend and transact with. A fresh and emerging retail network, MegaX will pave the way for emerging retailers to engage with millenials.
Bitcoin Cash (BCH) is an example of an evolved cryptocurrency that is ready for real-world use and is able to cater to retailers’ needs such as having faster transactions and lower fees. “By only accepting MGX and BCH instead of fiat for payments, we are determined to bring about real-world adoption of cryptocurrencies,” said Jeremy Khoo, Group CEO, iFashion Group. “Despite a market cap of 728 billion USD in cryptocurrencies right now, most retailers do not accept them as a form of payment. Retailers looking to resonate with the new generation of consumers should be fearlessly agile and open to adopting new payment forms. Cryptocurrencies have seen unprecedented growth in 2017 and we believe that growth will continue.”
Megaxstore.com is piloting a rollout by accepting Bitcoin Cash. MegaX aims to help new-age retailers and cryptocurrencies reach out to a large addressable market, the millennials. A 2016 Accenture report states that within Asia alone, millennials are expected to collectively constitute USD 6 trillion in disposable income by 2020. According to a CBRE survey, 30% of this income is spent on leisure activities such as shopping and eating out.
At the beginning of the year, according to data from CoinMarketCap.com, the aggregate value of all combined was $17.7 billion. But during the evening of Dec. 12, the combined value of more than 1,350 virtual currencies surpassed $500 billion for the first time ever ($503 billion, to be exact). That’s a year-to-date increase of more than 2,700%! It’s obvious that cryptocurrencies are the future, only companies who take advantage of this opportunity will remain ahead.
By Lolita A. Alford