Otaku Coin Preparation Committee Activity Report Vol. 1
Thank you very much for your feedback and reactions about Otaku Coin, the cryptocurrency we are considering.
We have listed and responded to the most popular opinions and comments in a Q&A format. Please continue reading for more details.
Q1. Who is Otaku Coin designed for?
A1. Otaku Coin is a cryptocurrency that is designed for fans and creators of otaku content (anime, manga, games, etc.) around the world.
Fans can earn Otaku Coins through the processes of enjoying their daily otaku activities, sharing otaku content with friends, and purchasing content-related merchandise. Fans can also use Otaku Coins to support anime production committees and other creators directly. This means that Otaku Coin will offer creators the chance to earn Otaku Coins from fans through their activities in producing content or merchandise.
The details about how Otaku Coin can be earned and used to support creators are currently being considered. The number of ways Otaku Coin can be potentially used is infinite, and we alone may not be able to bring it to its full potential. That is why we would like to gather feedback from as many people as possible during the consideration phase.
We have one goal for the Otaku Coin: to serve as a bridge connecting and energizing fans around the world who love otaku content and creators who produce it. In order to achieve our goal, we must further promote Japanese otaku culture around the world and create a lasting environment where otaku content can continue to be produced.
Q2. Why can’t you use another cryptocurrency? Why does it have to be Otaku Coin?
A2. We believe there should be different cryptocurrency options to choose from based on the purposes behind each of them.
That is why we are considering the option of providing services that are only possible through the creation of Otaku Coin.
Each cryptocurrency around the world has its own traits, industries or communities it wants to stimulate, as well as its own distribution networks. Therefore, we believe the purpose and vision behind the design of each cryptocurrency are different. For example, for our Otaku Coin, we can incorporate a system where fans can directly support creators and anime production committees during the planning phase using blockchain technology and smart contracts to guarantee that no middleman deductions will be made. In addition, with Tokyo Otaku Mode — a company with fans around the world and connections throughout the anime industry — and other project participants serving as points of contact, we can allow funds to be provided to creators and anime production committees through official methods that are in accordance to contracts and agreements.
Furthermore, issuing our new cryptocurrency and successfully implementing the service platform and other possibilities we are considering could potentially allow our cryptocurrency to be used in even more ways and have an increased range of circulation.
We believe that our new cryptocurrency will function effectively when all participants move the project forward in the same direction.
However, as described in the following article, the possibilities we are considering are subject to change. Depending on the purpose and vision behind the designs, there is also a possibility that we may cooperate with other existing cryptocurrencies.
Q3. The name “Otaku Coin” isn’t very good. Why did you name it that way? Did you think about the fans overseas when you chose the name?
A3. Yes, we chose the name while thinking about fans overseas. However, there is a possibility that we may change the name of our cryptocurrency in the future.
We chose to use the word otaku in the naming of our cryptocurrency because we want it to change its image around the world to a positive one. We also intentionally used it in our company name, Tokyo Otaku Mode. That is how strong our thoughts toward changing the image are.
The word otaku used to have a far more negative meaning than it does now, which made it difficult for fans to talk to others about anime, manga, games, and other otaku content. Fans would enjoy content while keeping it a secret from their parents, teachers, and friends.
However, the word otaku is now being used in less negative or even positive ways. For us, the definition of otaku is an individual who actively pursues and enjoys what they like or the act of doing so. We think enjoying what someone likes is a wonderful thing, and we hope to have the word otaku used in a positive manner around the world.
Because we want otaku, one of the few Japanese words recognized around the world, to be used with a positive meaning, we chose to use it in the name of our cryptocurrency so that we can all have more chances to use otaku in a positive way.
To be completely honest, the naming of our cryptocurrency caused heated debates within the Otaku Coin Preparation Committee, as some of us wondered whether it would be appropriate for us to use the word otaku. Therefore, we expected to be questioned and criticized for our decision. Having said that, if the discussion and debate regarding the word otaku in Otaku Coin can cause people to think deeply about the meaning and their impressions of the word, our efforts in naming our cryptocurrency are already significant.
Q4. Are there really any otakus in the Otaku Coin Preparation Committee?
A4. We do believe there are individuals out there enjoying what they like who are more otaku than we are in the fields of anime, manga, games, and more. Still, we would like to assure you that in the Otaku Coin Preparation Committee, we have members who have watched over ten anime series every season for more than ten years, represented Japan in international online game tournaments in their student days, dedicated more than five years of their life to online gaming, read tens of thousands of manga, and served as a judge in a certain annual manga award event. Our committee is composed of a wide variety of individuals.
Q5. The structure of this project seems to only benefit Tokyo Otaku Mode. Are you trying to taking a cut as the middleman?
A5. We aim to make Otaku Coin a currency that circulates within a community with the same goals and values. Its circulation will not be limited to Tokyo Otaku Mode or any other organization, and the structure of this project is certainly not created to benefit only Tokyo Otaku Mode. If it were, Otaku Coin would lose not only its value, but also the meaning of its existence.
If structures that allow others to take profits away from right holders and creators currently exist in the otaku content industry, we would like to work with everyone to resolve the issue through Otaku Coin.
Q6. Can Otaku Coin get fans living outside of Japan involved?
A6. Although Japanese anime has received fervorous support from fans outside of Japan and is widely recognized around the world, the industry has struggled to monetize content consumed overseas. Based on the findings from “Anime Industry Report 2017” published by The Association of Japanese Animations, anime-related sales made through internet streaming outside of Japan have grown over the past few years. Despite this growth, a comparison of the Japanese otaku content industry’s export ratio and the number of fans outside of Japan show that the potential for monetization outside of Japan is not only high and not yet fully utilized (Tokyo Otaku Mode is continuing to make constant efforts to monetize content outside of Japan through its ecommerce platform in order to return profits to creators).
By introducing a currency like Otaku Coin, which does not involve exchange rates and loose change, to the otaku content industry, we expect currency circulation to become smoother, which could promote content monetization outside of Japan. This would allow us to create a world where even more quality series can be produced in the future.
Also, the circulation of Otaku Coin could decrease any handling fees that occur when existing national currencies are spent. We believe the difference could be returned to fans and content creators.
Through its ecommerce website, Tokyo Otaku Mode is providing merchandise, such as anime figures, on a daily basis to fans worldwide. The merchandise is purchased by fans using dozens of different currencies around the world, and a significant amount of handling fees is being charged. Instead of using different currencies for each country, if we can use one cryptocurrency in our community formed by individuals with the same values, we can minimize the number of deductions that occur in transactions and promote circulation. The funds that would have been deducted as handling fees could be used by fans toward other existing series, related merchandise, and upcoming series, which means that the funds will be returned to anime creators and other parts of the otaku content industry. This would contribute to the creation of a cycle where more series can be made in the future. In addition, the use of a cryptocurrency based on blockchain technology will allow the cycle to be highly transparent, which would make the project structure one where “taking a cut as the middleman” becomes difficult.
Q7. You talk about decentralization, yet you’re doing this as a company?
A7. We are considering the option of launching our ICO as an entity separate from Tokyo Otaku Mode Inc. (The entity may not be a corporation.). Like many other ICOs, the initial launching phases will be led by a certain entity. We believe the real value of Otaku Coin will be determined by how well its management can be decentralized once it begins to be used.
In order to make our goal of allowing fans to directly support anime creators and anime production committees a reality, we believe it is necessary for a company like Tokyo Otaku Mode (or a similar organizational entity) to take leadership. Having said that, the final goal we are aiming for is to have the circulation of Otaku Coin promoted even without Tokyo Otaku Mode. The structure required for the realization of our final goal will be decided as we continue to move forward.
Q8. Where can Otaku Coins be used?
A8. Although we are still in our consideration phase, we are thinking about making it possible for fans to use Otaku Coins to directly support anime production committees or creators involved in the production of anime. For example, if fans, creators, and relevant organizations can all use Otaku Coins throughout the process of creating a new anime series, everyone can move in the same direction and improve the process of anime creation. We believe this can stimulate the otaku content industry.
To increase the convenience of our cryptocurrency that will circulate within the otaku content industry, it would be ideal to make it usable in a variety of situations by individuals and also organizations. For example, we would like to make it possible for Otaku Coin to be used for services directly related to fan activity, such as admission to otaku events around the world, purchasing and selling merchandise at booths, streaming or distributing anime, manga, and games, as well as making purchases from online/offline otaku shops.
Q9. Where can I purchase Otaku Coins?
A9. The Otaku Coin project is still in its consideration phase and cannot currently be purchased. Also, the possibility of offering token sales to Japanese residents have yet to be determined. If this ICO is launched, TOM intends on designing, promoting, and distributing it in a way that abides all cryptocurrency laws in Japan and around the world.
We hope this Q&A effectively conveys our thoughts toward this project, and we will post updates on this blog once they become available.
If you would like to contact us, please join our Facebook group or offer your feedback through Telegram.
Let’s Enjoy Otaku Life!
Otaku Coin Preparation Committee