Ullu Ventures Into Web3 Space With UlluCoin

OTT streaming platform Ullu has launched its official utility token ‘UlluCoin’ to drive blockchain-powered engagement in its expanding digital ecosystem.

Ullu’s roll out of the new coin signals its entry into the Web 3.0 space, where it integrates digital entertainment and decentralised innovation.

Web 3.0 is defined as decentralised networks and artificial intelligence that place power and security at the heart of every transaction, where Web 3.0 takes Web 2.0 and elevates it in a way that gives power back to the people, all while building on the pillars of our common-place digital networking tools.

The company said in a statement that this is issued by a newly established entity, UlluCoin has a maximum supply of 100 Bn tokens, laying the foundation for a new phase within the Ullu universe.

Ullu also claims itself to be one of the first OTT platforms to make the transition from Web 2.0 to Web 3.0 through UlluCoin.

The startup Dubai-based VC firm Cypher Capital Markets is playing a key role in the strategic early-stage investment round of this highly anticipated launch, Ullu said.

Founded in 2019 by Vibhu Agarwal, Ullu is an established OTT platform that provides a diverse range of web series, short films and shows primarily in Hindi and a few regional languages like Tamil, Telugu, and Bhojpuri.

The platform claims to offer a wide range of genres, primarily romance, drama, thriller, and comedy. While Ullu’s content is consumed mainly in India, it claims to have some business in Australia, too.

“UlluCoin is more than just a token; it’s a full-stack utility ecosystem built on one of the most active OTT platforms in the region. With over 109 Mn downloads and 42 Mn active subscribers, ULLU offers native distribution, unmatched engagement, and a powerful use case for real-world blockchain adoption,” Avinash Duggar, chief executive at Ullu said.

Using this coin, users will be able to unlock premium content, make in-app redemptions, and access fan rewards across Ullu’s growing platform.

Taking user safety into account and preventing scams, UlluCoin will be made available in its home app and the official website only.

Shortly before, the company has been caught in the web of legal issues due to its delisted controversial reality show House Arrest over its “explicit” content and visuals. The matter escalated when the National Commission for Women (NCW) issued notices and summoned Agarwal and the host to appear before the commission on May 9.

On the financial front, Ullu Digital’s profit after tax (PAT) declined 16% to INR 12.68 Cr in FY24 from INR 15.14 Cr in the previous fiscal. The streaming giant’s revenue from operations rose 7% to INR 99.67 Cr during the year under review from INR 93.15 Cr in FY23.

The development comes at a time when India remains vigilant and does not compromise on its regulatory stance on cryptocurrencies even as the country is seeing a spike in the growing adoption of the virtual digital assets.

For clarity, cryptocurrencies are not banned in the country, but they are not treated as legal tenders either.

Earlier in January, Reliance Industries Limited’s (RIL’s) digital arm Jio Platforms rolled out a reward-based crypto token ‘JioCoin’ for JioSphere web browser users, where it is built atop Ethereum Layer 2 and is currently listed on crypto platform Polygon Labs.

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