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.