Many aspiring businesses have found success by taking advantage of unique opportunities that are only available during a short window of time. Such conditions exist at the moment in the K-pop and blockchain industries, leading to the innovation of Fanships’s blockchain token, XFS. These are two industries that are experiencing remarkably rapid growth in adoption and investment, now connected through the adaptation of a token economy in the K-pop industry.
Fanship has arrived on scene at the perfect moment. Korean music has experienced a boom in recent years simultaneously with an explosive growth in new use cases of blockchain technology. Bursting the popularity beyond a fanbase of more than 300 million worldwide, reaching a market value of more than $4.7 billion USD. Fanship will provide a platform that can disrupt that entire industry.
This trend is set to continue as the South Korean government officially seeks to promote its culture with a desire for more prominence on the international stage. The entertainment industry is an effective tool in Korea’s mission to achieve soft-power via cultural export, spreading Korea’s influence globally. This is known as “Hallyu,” the Korean term for K-pop’s massive influence.
As the K-pop and global music industry grow, Fanship is in a unique position to continue being a pioneer blockchain company. In these rapidly developing industries, new use cases may arrive every day, bringing additional utility to the XFS token. Become an early adopter, ride the Hallyu wave, and join Fanship.
Fanship is furthering the decentralization of music markets through blockchain technology, beginning with the dedicated K-pop fanbase of South Korea. With the Fanship token (XFS), fans will be able to submit event proposals to the community. The Fanship community can then vote to support the proposed event and choose to fund an agreed-upon event via the token.
This method of event creation could help new, young performers find a supportive base and assist in their discovery by the larger K-pop community. Crowdfunding would be completely transparent and voting integrity would be assured due to the open ledger of the blockchain. Fandom communities could even manage fundraising pools that can not be defrauded or corrupted due to the immutable nature of blockchain technology.
The beauty of this system is that anyone can initiate the call-to-action: a star could call on his or her fandom to crowdfund a donation drive, a fan could propose a fandom meetup or a larger-scale event like a concert, and raise funds for the event via the community’s consensus. Even side-projects like movies and other promotional media projects could be created with Fanship community support, from the ground up.
Fanship will enable organic growth for performers through this direct engagement with their community of fans. The XFS token allows for a much greater level of engagement by the fan community, who can have a direct say regarding events in the K-pop community. This further engages the fan community and generates more interest and value in the Fanship platform and the music industry.
A common criticism of blockchain technology thus far has been the predominant theme of pie-in-the-sky ideas with little real-world utility. So many ICOs promise solutions to problems that do not exist and have created a blockchain technology, often merely to gather up venture funds with little forethought of project execution.
Fanship XFS is a token that has real-world utility. This token will first be deployed with the intention of being used as a method of value transfer for the purchase of digital goods such as IP rights, beginning in South Korea’s K-pop industry. It will act as a unit of account, measuring a fan’s “stake” in a chosen K-pop star or group and transferable as value in exchange for music rights, concert access, and merchandise.
XFS will also be used for voting contests – an activity that young Korean K-pop fans love participating in – casting votes for awards, song rankings, and for auditions on TV programs and live streams. Fanship’s partners have an extensive history developing apps used for voting. Over the past three years, nearly one million music fans used their digital apps to vote for the Seoul Music Awards festival, the Melon Awards, and the Golden Disk. This has continued to grow in popularity and has spread globally, with the overseas fan demographic growing by a tremendous 47% in 2017.
As of now, these voting systems are operated through centralized systems that sell voting rights to the user. The centralized system then collects payment and calculates the vote, but not in the transparent and open manner that blockchain technology enables. The flawed legacy system brings into question the validity of votes and the integrity of funds raised due to the veiled nature of a centralized voting system. Not only that, huge inefficiencies cut into profits as service providers take a substantial amount of profits – around 30% – off the top for themselves.
Fanship allows for fans to openly and transparently use their purchased tokens to vote in a direct and transparent manner that is visible on the blockchain, removing issues of fraudulent or corrupt behavior and increasing profitability for performers and the associated industry. XFS removes the problem of trust in such a way that everyone can plainly see the delivery of a token from a fan to their designated performer in an immutable open ledger.
XFS can be extended to so many more use-cases in the music industry. Stars could perform fund-raisers for donations to charitable causes without any concerns regarding misuse or misappropriation of funds. As of now, administrative costs in charitable operations can consume massive percentages of intended donations, leaving donors feeling as if their donation was wasted and not used for its intended purpose. Fans could share gifts with their favorite stars through direct payment via the token and stars could choose to give gifts on their behalf via the token system to a chosen charity, all without concerns regarding trust or corruption.
Not only can XFS transform the music industry’s financial system, it can transform the way new talents are discovered and rewarded by enabling direct support from fans for young performers who may not yet have the recognition to be signed to record labels or to have massive contracts. It opens up a world of possibilities to the ways in which talent can be discovered and rewarded.
Unlike many cryptocurrency projects that have little practical use-case and are merely attempting to find solutions to problems that do not exist, Fanship XFS addresses genuine problems with centralization and bloat in the music industry. Fanship will emerge as a real-world use-case token, making the music industry more engaging and authentic whilst reducing problems with corruption and disproportionate wealth distribution.
The music industry, more so than many others, is filled with scores of middlemen, each taking their cut from the pie before funds finally arrive in the hands of performers. It’s a problem that results in opacity in accounting and secrecy regarding financial transactions made in back-room deals, often at the expense of the performing artists.
Blockchain technology could be the fix for this economic inefficiency due to its inherent traits. Firstly, the blockchain technology utilized by fanship XFS is based on an open ledger that is readily visible and
auditable, protecting against secret expenditures, fraudulent activity, or misuse of funds. Records are automatically kept on an open, immutable ledger. In other words, the ledger cannot be altered once it has been recorded, keeping a perfect record of all transactions.
This creates a situation that is a boon to those who desire transparency and honesty in a business model. It allows for complete trust as it is impossible to complete false transactions and is equally impossible to conceal transactions on the blockchain. Just as importantly, it is considerably more efficient than legacy accounting systems that are fraught with human error, negligence, and fraud.
Most importantly, it eliminates the middleman. Instead, Fanship’s blockchain operates as a virtual middleman that can be completely trusted and executes transactions automatically, free from human error and dishonesty. This automated ecosystem circulates money from fans to performers and all associated music and merchandise producers without the need for entities to skim funds off profits.
Beginning in the K-pop industry and eventually moving into other global music markets, Fanship will implement blockchain technology with the XFS token, creating a payment and interaction system that is completely open, transparent, and secure. This technological change will revolutionize the music industry as we know it.
Fanship is launching a token (XFS) that will revolutionize the music industry through the decentralizing capabilities of blockchain technology, changing the way that the music ecosystem functions at a fundamental level.
Fanship begins this paradigm shift in Korea – a nation with one of the most loyal and rabid music fan bases in the world. This is a country that is more digitally connected than just about any other place you can imagine, with the highest rate of cell-phone usage and broadest WiFi network coverage in the world. It’s a natural place for this phenomenon to begin as teenage and young adult fans of Korea’s massive K-pop music industry are ready and willing to delve into digital solutions availed to them through innovations like blockchain technology.
In Korea, K-pop performers are selected at a young age, groomed, and subsequently weeded out by entertainment agencies who traditionally have held all the power over the young artists. Fanship offers the opportunity to flip this process on its head by enabling fans to take the reins in the curation and support of young artists. Through the transfer of the XFS token from fans to performers, financial support can be directed to artists chosen by fans. Performers can be discovered and rewarded by fans instead of by top-down corporate executives, who would otherwise reap the majority of the financial windfall, strictly funneling money to the limited field of competitors who manage to filter through the system.
Of course, there’s no reason that the Fanship XFS token could not be implemented globally. Being a blockchain technology, it is not limited by borders or national boundaries. As Fanship grows in popularity and utility in the music industry in Korea, it will gain value and attention worldwide, increasing demand for the token. The XFS token has the potential to be used internationally in decentralized music industry applications as a means of trade between fans and their favorite performers, along with their associated merchandise.
It is a concept that is only now possible because of blockchain technology. Due to Fanship’s unique take on this technology, we will witness a rapid shift in the music industry – a market that has previously stagnated in a centralized power structure that limits the potential of rewards to those who are creating value and favors those holding the power. Instead, those creating value can be directly rewarded by those who recognize it. Fanship XFS will provide this revolutionary tool to music fans everywhere through the magic of blockchain technology.