Yea Studio to provide NFT service to 13 million drawing apps!
LOS ANGELES, CA, November 07, 2022 /24-7PressRelease/ — Yea Studio (CEO Won-man Choi) revealed that it plans to launch ‘Junimong NFT’, which functions as a membership that includes benefits such as issuing NFTs from creators on the painting tool app they run, and creative activities and NFT transactions on the metaverse.
Yea Studio is a company that has provided various apps (applications) based on painting content since its establishment in 2012. It is a company that has developed and introduced coloring apps such as ColorFil and Sandbox Color, which recorded more than 9 million downloads and were selected as the best the entertainment apps of 2017 in Google Play, and PainterUs, a live painting platform.
Of these, ‘Junimong’, produced based on independent intellectual property rights (IP), has quickly emerged as a painting social media app used in 135 countries around the world. It has secured 2.5 million users so far and has been selected as a global feature on the Google Play Store, attracting investment from East Gate Partners and IBK.
It has around 13 million customer data points collected through various services and more than 400 million paintings. Yea Studio plans to launch Junimong NFT to provide NFT issuance and technical support for creators’ content transaction requirements.
Junimong’s name, with the motif of a monkey, reflects the ideology and motto of Yea Studio and serves as its mascot. As a compound word, it contains the intuitive meaning of its ambition to approach young consumers in a playful way (Junior [Juni] + Monkey [mong]), as well as addressing the company’s ambition to give dreams to creators on the platform (gi [juda] + dream [mong]).
The ultimate direction Junimong NFT wants to pursue is to establish a painting ecosystem where people can communicate and paint with their online painting buddies, and creators, collectors and curators coexist and share profits with NFT transactions in the metaverse (virtual space). It is predicted that the future social activities of this generation of teenagers will earn money by doing their hobbies with communities that share the same interests. From this point of view, the platform is also intended to change into a community service.
In addition, the breadth of benefits that guarantee their profitability has been expanded for the continuous influx and attraction of creators. Copyright of works, such as creations of artists belonging to a particular platform, often belongs to the platform responsible for publishing. On the other hand, Yea Studio earns profits by operating business rights for publicity and marketing activities and ensures that copyright royalties are continuously provided to creators even if NFTs are resold.
Furthermore, having characterized creative works, it will actively use the marketing and networking opportunities that Yea Studio has accumulated over the years to gain awareness of it. With experience in providing various global apps and services, it has accumulated customer data of 13 million people across all apps and services.
Based on Yea Studio’s strong knowledge in operating a painting community, it plans to induce participation from existing service subscribers. Based on this, it plans to secure NFT content by connecting more than 400 million painting content with the embossing system, and actively use the IPs owned by Yea Studio, including Junimong. So far, the company has 6 independent patents and is in the process of applying for 14 more.
Continued efforts to ensure a comparative advantage in relation to other projects are also made through the development of blockchain source technology. Yea Studio has recently partnered with ETRI (Korea Electronics and Telecommunications Research Institute) to participate in the research and development of the PoN (Proof of Nonce) method for consensus algorithm-related technology that dramatically lowers the gas fee, which is equivalent to the Ethereum network usage fee. After that, the company plans to commercialize it using the said technology in its web/app service after undergoing a verification process to increase the level of completeness.
CEO Won-man Choi explains: “If you own Junimong NFT, you can use the NFT minting system for up to 100 copies for free. It was also designed with the collector’s financial profit in mind and additional community membership benefits such as receiving gifts (via airdrop ) of metaverse-related NFTs and synthetic NFTs made by Junimong NFT creators, which will be added in the future.It can also foster a sense of belonging and intimacy with the community, for example by allowing them to see the works of their favorite creators faster or plan special experiences where they can interact directly with creators.”
As a member of the Digital Content Company Growth Support Center, Yea Studio accelerates the launch of an NFT service equipped with an automatic coining system by strengthening the company’s capabilities through continuous IR demo days and external PR and marketing support.
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