Right here’s a fusion you weren’t anticipating: cryptocurrency and Korean popular culture. But, leisure firm Modhaus goals to raise Kpop with the facility of blockchain. In line with its Medium web page, it hopes to considerably enhance engagement and transparency by letting followers vote on their favourite teams’ developments.
Extra teams in different international locations use blockchain expertise to advertise their cultures worldwide. For instance, the Kandama NFT assortment promotes the indigenous Ifugao weaves of the Philippines. Quickly, your nation might launch an analogous venture. This report is much more fascinating when you’re a Okay-pop fanatic as a result of it reveals the place the business is headed.
This text will focus on how the blockchain is selling Korean pop idols. Later, I’ll elaborate on the Polygon blockchain to additional clarify how this distinctive fusion works.
How does a “crypto Kpop” group work?
Let’s discover this idea by discussing Modhaus, the “world’s first Open Structure Leisure firm.” The “Open Structure” time period refers to its distinctive fan engagement choices.
It understands that Kpop turned a world success due to its followers. Modhaus says the business gained greater than 1,000,000 followers earlier than the pandemic.
These days, it’s an $8 billion market that continues to develop. Nonetheless, Modhaus claims, “Followers nonetheless really feel used as mere pawns of consumption with little to no possibilities to take part within the decision-making means of their artists.”
The corporate cited a well-known Korean idol program’s voting fraud scandal for instance. It allegedly marketed followers would decide the members of a bunch’s debut.
Sadly, Modhaus stated it was rigged, a lot to the utter disbelief and shock of the followers. In distinction, this leisure agency doesn’t deal with fans as “mere shoppers.”
As a substitute, they need followers to have higher participation of their favourite group’s actions. That’s the reason Modhaus used the blockchain, the decentralized pc community that powers cryptocurrencies.
Particularly, the corporate used the Polygon blockchain. It hosted a vote for its Kpop lady group TripleS. Followers determined the title monitor for the group’s “ASSEMBLE” album in its “Gravity” voting occasion.
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The latter occurred on the TripleS official app, “Cosmo: The Origin.” Followers voted with COMO, a digital foreign money earned from unique NFT picture playing cards referred to as “objeckts.”
They acquired just one COMO per objeckt. Then, Polygon Labs, Hashed, and Close to Protocol-backed Ramper shops votes. Additionally, COMO tokens are governance tokens, enabling followers to vote on the community’s future actions.
In consequence, followers are a part of their favourite Kpop group’s improvement, turning them into “decision-making producers.” Quickly, different artists might use an analogous system as blockchain and different applied sciences develop into extra prevalent worldwide.
How does Polygon work?
Picture Credit score: forbes.com
It’s obscure the crypto Kpop system when you don’t find out about blockchain. That’s why I’ll briefly focus on it. As talked about, it’s the decentralized pc community that allows cryptocurrencies.
You might acknowledge crypto as Bitcoin, the primary cryptocurrency and the most important on the earth. Its founder, Satoshi Nakamoto, envisioned a world that makes use of Bitcoin as an alternative of the normal banking system.
Finally, crypto turned well-liked, inflicting many worldwide to create new digital currencies. Polygon was one among them, made by Anurag Arjun, Sandeep Nailwal, and Jaynti Kanani.
They needed to allow the second-largest cryptocurrency, Ethereum, to develop quicker than ever by dealing with transactions outdoors ETH. Then, it will return them to the Ethereum chain.
The earlier model allowed sidechains, networks that hyperlink to a bigger one referred to as a most important chain. Nonetheless, it gained important upgrades as time handed.
Polygon sidechains turned stand-alone chains, impartial networks appropriate for companies. Additionally, that blockchain gained secured or Layer 2 chains.
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The Ethereum community secured these, offering higher safety than stand-alone chains. Extra importantly, Polygon’s MATIC token made it quicker and cheaper to buy and mint NFTs.
Non-fungible tokens file possession of bodily and digital items on a blockchain. For instance, the crypto Kpop picture playing cards are NFTs certain to a COMO token.
That token proves the customer owns that card. Additionally, the COMO is a governance utility token, that means it grants holders the privilege to vote on the community. Thus, followers can vote on what TripleS will do subsequent.
Conclusion
Current technological developments have induced an unlikely fusion between Kpop and blockchains. Modhaus is the primary, however we are going to probably see different related techniques sooner or later.
In spite of everything, extra international locations acknowledge the facility of expertise in preserving and selling traditions. For instance, the Philippines makes use of Starlink to tell the world about Mindanao’s Blaan Tribe.
You need to study extra about the latest improvements to know their potential. Try the newest digital ideas and developments at Inquirer Tech.
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