NFT grafted onto K-pop… "MetaBit, 'Duck-Jil' and receive token re…
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Despite the fact that the recent NFT (Non-Fungible Token) transaction volume is at its lowest level of the year, projects with practical applications are steadily being released. Metabeat, a platform that pursues a Web3 fan community based on music IP (intellectual property rights), is one of them.
In an interview with Blooming Beat on the 29th, Stephanie Kim (Kim Yoon-jung), CEO of the Metabeat Foundation, said, “Metabeat is a platform where fans who love K-pop can grow together with artists. I will lead,” he said.
Metabit has built a 'Social-Fi' environment where users can actively participate in artist activities using NFTs based on music IP. Social Py refers to an ecosystem where individuals can receive rewards (compensation) through active community participation.
Metabit, which opened a beta version of the app on the Google Play Store on the 15th, developed its own index, the 'FANomance Index', to measure fans' contributions to the community. This is a customized index created based on the performance of the fan community, including the performance of the music source (chart ranking, etc.).
CEO Kim explained, “Metabit issues community NFTs based on music sources, rather than giving ownership of music copyrights to holders. did.
The reason Metabit issued NFTs based on community activities like this is that NFTs belonging to music copyrights can violate the Securities Act. CEO Kim cited the case in which the financial authorities judged Music Cow's 'copyright fee participation claim' product as 'investment contract securities' and said that they had conducted a legal review of the business for a long time to prevent regulatory risks.
In addition, Metabit judged that the NFT market, which focused on 'transaction volume' and 'sold out', had changed, and focused on giving holders the value they can enjoy by holding NFTs.
CEO Kim said, “The business model of many NFT projects so far has been of no value unless you purchase once and do not trade. It is operated in a structure that allows artists to be supported and also receive rewards."
Rewards are given in 'BEAT', the governance token of Metabit. Bit Token, which was listed on KuCoin, a global virtual asset (cryptocurrency) exchange in November, is used as a means of payment for NFT purchases and artist support activities within the platform. Metabit plans to support Bit Token staking in the future and expand its listed exchanges domestically and internationally.
CEO Kim cited the partnership with RBW, which is one of the top 5 entertainment companies in Korea and owns more than 4,000 K-pop music sources, as Metabeat's strength.
RBW is an entertainment company to which the girl group 'Mamamoo' belongs. It went public on the KOSDAQ earlier this year and acquired DSP Media, the agency of 'Kara'. It is also a collaborator of Metabit and the largest shareholder who made equity investments in the early stages.
Mamamoo Special Edition NFT/ Photo = Metabit
CEO Kim said, "Metabit's principle is to directly purchase and own music IPs, which are the basis of NFTs, from music companies. " he was confident.
Utilizing real partnerships, Metabit conducted a 'Mamamoo Special Edition NFT' drop on the Crypto.com NFT Exchange in September. A total of 1,750 NFTs were sold in the drop, and holders are known to be continuing their activities as metabit ambassadors.
Metabeat started its business based on K-pop sound source IP, but plans to expand its genre in the future to grow into a community where everyone who loves music can enter and be active.
CEO Kim said, "I believe that various forms of 'virtue' will be possible by utilizing the Web3 environment in the music industry. .
He then expressed his anticipation, saying, “Since the production company that creates broadcasting content with our partners is also collaborating, we will be able to release NFTs based on video IP.”
Metabit is also planning to make progress in the way the community operates.
Representative Kim said, "We plan to introduce membership levels to holders and differentiate them by level. Holders of a certain level or higher will be able to directly participate in the artist's production."
He added, "Finally, we plan to operate each artist's community under the governance of DAO (Decentralized Autonomous Organization).
