Dreamcatcher Token (DRC) Whitepaper in Series— ② STASIA : a Blockchain-based Sustainable Idol Ecosystem
Dreamcatcher Token (DRC) Whitepaper in Series
2. STASIA : a Blockchain-based Sustainable Idol Ecosystem
Then, is there a more innovative approach to concentrate the purchasing power of ‘connected fans’ and utilize it as the driving force of expansion to global market, than the case of BTS?
When BTS made their debut, the path of interaction between the idols and the fans were only restricted to social media, and thus social media played a significant role in implementing changes to the fandom. However, the advent of blockchain era has made many things possible, which were considered impossible with social media.
After fans and stars were interconnected for the first time through social media, fans could communicate with the stars regardless of temporal or spatial restrictions, shifting the form of the fandom to a more ordinary and far-reaching shape than that of the past. However, fandom of social media era also face certain restrictions. While there exist significant tangible and intangible support and actions of fans behind the success of K-Pop idols, the contributions of fans are neither acknowledged nor properly compensated. Also, while the amount of time and expenses spent differ by each fan, they are acknowledged by fans as ‘all the same’, as there exist no system to appropriately measure the ‘amount of contribution’ of each fan regardless of how much the fan desires to develop a more intimate and continued relationship by supporting the idol earlier than others, more often, and more intensively. The lack of such system may act as a potential risk factor to the mutual benefit and growth of both parties.
We have found the solution to this problem in blockchain technology, through which we aim to build a platform solution to develop future values of promising idols, by issuing ‘Idol Tokens’ to create pathways for idols to pursue creative works and support of fans and for fans who contributed to the success of idols to be fairly compensated. And we define the culture in which fans and entertainers interact beyond a mere ‘connection’ and pursue mutual growth and benefit to actualize the value of ‘sustainability’ as ‘Crypto-fandom.’
2.1. Idol Token Issuance Platform Solution
STASIA provides a platform for management agencies with K-Pop idol bands in which they can issue ‘Idol Tokens’ under the name of the band. Promising idol bands without sufficient fund or marketing for the next release will be able to fulfill their needs by seeking patronage through cryptocurrency. Fans will be able to directly support the idols by purchasing tokens. In contrast to YouTube’s Super Chat and Twitch’s Bits, fans can support and provide patronage idol bands by holding the idol tokens, as the bands are the main beneficiaries of the tokens. Moreover, as the market for K-Pop artists have expanded to all around the globe, idol tokens will contribute to maintaining and expanding the global fandom, as the cryptocurrency can eliminate the hurdles for foreign fans such as language or currency barriers and poor financial environment .
2.2. Value of Idol Token
Fans can purchase official goods and digital content of the idol band including unreleased clips and images using idol tokens they have acquired. Also, priority or discount on invitation to off-line events such as concerts or fan meeting events is given based on the holding amount of tokens. Token holders will be provided with various special benefits which general fans do not have access to.
Also, fans engaging in various supportive actions will be compensated with idol tokens. The purpose of this compensation is to acknowledge and promote supportive actions such as uploading new M/V on YouTube to their social media or producing reaction clips and sharing them, which require time and effort, as ‘Sweat Equity.’
STASIA’s Idol Token economy is designed to be favorable to the fans who joined the economy earlier, so that early token holders can benefit from the increased market value of tokens in line with increased popularity of the idol band. (Note: Market value may fluctuate due to transaction conditions). Each idol token can be converted into other idol tokens through Token Swap, and into other cryptocurrencies such as BitCoin, Ethereum and STASIA Token which is the key currency of STASIA ecosystem. (To be supported in the future)
2.3. Crypto-Fandom Ecosystem
Regarding acquisition and use, idol tokens guarantee transparency and fairness which are the basic characteristics of blockchain. The amount of tokens held by a fan, and the time and efforts certain fan has put in to support an idol to acquire tokens are all recorded on the blockchain.
This can be used as a reasonable standard to form a sustainable and close relationship between an idol and fans. Fans can expect a reasonable reward through differentiated fan experience which is proportional to the contributions in this platform where the token holder’s fandom value is fairly measured. This acts as an element that sustains and strengthens fandom activities. In this way, token-powered crypto-fandom creates an ecosystem where an idol and fans can enjoy mutual growth with idol’s sustainable creative activities and fair rewarding to the fans
To be continued…
(Dreamcatcher token whitepaper is divided into four series)
■ Official STASIA channels
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