Hdac’s First DApp, LEVOIST
Dear Hdac community members,
Hdac Technology recently introduced ‘Levoist’ as its first DApp project leveraging Hdac Blockchain based platform.
‘WeX’ is a platform developed and operated by Levoist which allows fans or investors to purchase music neighboring copyrights and to participate in artists’ new releases.
The term ‘neighboring copyrights’ is frequently used on ‘WeX’ platform and refers to the rights given to performers, producers, distributors/service providers, broadcasting businesses and operators. They differ from copyrights for which lyricists, songwriters or arrangers are entitled to.
‘WeX’ operates the sales and manages neighboring copyrights. It sells fractions of rights to neighboring copyrights — owned by Levoist in its quality of producer — to individuals.
Currently users can purchase neighboring copyrights with FIAT. In the near future, users will be able to purchase them with Hdac coins.
Unlike other crowdfunding, where those who purchase shares of neighboring copyrights hold equal level of rights as the artists and the performers on the purchased music, the individual purchasing neighboring copyrights is also entitled to profit shares. In the case of neighboring copyrights, profit shares are valid for 70 years.
Not only can fans show their love for their favorite artists by directly supporting and investing in the production of a new song but they will get rewarded for their love and support. A new era has started: fans can go beyond sending gifts and messages to artists or purchasing albums and promoting them; now fans can directly support their favorite artists by investing in them and getting rewarded for it.
Today, thanks to BTS, the attention K-POP is getting higher than ever. As ‘WeX’ platform allows users to purchase with cryptocurrency, it is expected that the service will have a better accessibility for international fans.
The first project by ‘WeX’, a song titled ’Matter of Time’ by Lee Naeun and Lee Jinsol from K-pop girl group APRIL, has reached its sales goal last January and successfully launched the songs album this month. According to Levoist, two thirds of the sales came from international fans.
Moreover, Levoist and Hdac plan to launch ’WeXDaq (tentative name)’, an Hdac Blockchain based platform which would allow users to purchase and sell neighboring copyrights.
The platform also can act as a market place for fans and users to purchase and sell the rights safely. For example, for those who could not participate in a project but wanted to purchase neighboring copyrights in order to show support or for pure investment purpose or for the users who wished to trade rights for personal benefits.
Management of profits made from owning the neighboring copyrights of the music as well as sales of the copyrights of released music will be performed on this platform. Those deals will be made using a point system that users can purchase with either FIAT or Hdac coins.
Levoist and Hdac explain that irreversibility, integrity, and security which Blockchain technology offers are crucial factors in a transparent management of deals and profits made from copyrights and neighboring copyrights. Especially since copyrights last 70 years from the day of copyright holder’s death and neighboring copyrights last 70 years from the date of the music release.
For fans, Hdac’s new DApp project provides a service which enables them to fully support their “stars”. For investors, it provides a stable investment opportunities. For artists and entertainment companies, it eases the financial burden of bringing together a new music to the world and provides active marketing opportunities from the fans. How amazing does it sound?
Hdac will continue to develop various Blockchain based commercial cases with strong market value to improve Hdac’s usability and to make the ecosystem healthier.
Please show your love and support for the journey of Hdac’s public Blockchain ecosystem.
Any question or recommendation would be welcome on Telegram! More updates and events announcement on the Medium blog for the Hdac community to come!
Please refer to the following links and stay in the loop.
*Website : https://www.hdactech.com
*Medium : https://medium.com/hdac
*Facebook : https://www.facebook.com/hdactech
*Twitter : https://twitter.com/hdactech
*Telegram(KR) : https://t.me/Hdac_Official_KR
*Telegram(EN) : https://t.me/Hdac_TGE