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.