Fan power could change the blockchain ecosystem, experts say

BUSAN – Leaders in the blockchain industry who want to merge entertainment with technology are looking closely at the power of fandoms, believing it can reshape the ecosystem, speakers at the 2022 Upbit Developer Conference said Friday.

“Hybe’s business model is based on fans promoting artists,” Hybe America president Jason Jaesang Lee said during the second day of this year’s conference in Busan.

“Fans becoming promoters for our artists is a powerful gross factor. Now is the right time to implement fandom in the blockchain industry,” he added.

To solve the blockchain industry’s ongoing scalability issues, the industry and platforms must “evolve with the users,” Lee explained. The key is to use the “ownership concept”, which gives full data ownership to users instead of the current system, where platforms and service providers have the actual ownership.

Decentralized application or dApp should be used to help users monetize their lifestyle and data, according to Lee. Decentralized application is a type of distributed open source software that runs on a peer-to-peer blockchain network rather than on a single computer.

“Three percent of the entire 5.2 billion internet population has a blockchain wallet (and we’re competing to win their hearts),” Lee explained.

Creating a “data ownership economy” where users are transformed into actual owners will require establishing a virtuous cycle of advertisers directly paying user fees and in return users paying separate fees to the platforms, according to Lee. Users will be able to control their data directly through dApp and blockchain wallets.

Another speaker at the forum who pointed to the power of fandom was Alexandre Dreyfus, CEO of Socios and Chiliz, an Ethereum-based coin that runs on the Chiliz blockchain. Dreyfus and his business have close ties with the concept of fandom as Socios is a fintech platform for fan engagement and fan monetization of sports teams using blockchain technology.

“Our vision is simple: we want to change passive fans to become active fans,” Dreyfus said during his session.

“We want fans around the world to have the same voice and power as a fan who is in the same country as their team.”

Dreyfus said that the platform is basically driven by this fandom movement and that the main goal of Socios and Chilliz is to provide an immersive experience for sports fans.

Socios also sells fan tokens which are finite digital assets built on the Chiliz chain. The tokens entitle holders to vote in official team polls and provide opportunities to engage with their favorite sports teams.

Socios has partnered with major football clubs worldwide, including FC Barcelona, ​​Paris Saint-Germain, Juventus, West Ham, AS Roma, Atletico Madrid.

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