Last year, the economic benefits of Taylor Swift's five US tours were as high as 5 billion US dollars, exceeding the gross domestic product of at least 40 countries in the world. Economists even believe that the benefits of Taylor Swift's concerts in Australia may be comparable to an Olympic Games. Therefore, after Taylor announced her Asian tour, some countries and regions in Southeast Asia wanted to compete for the right to host the tour at high prices. Singapore became the biggest winner of the "monopoly" of Taylor's Southeast Asian concerts. IP competition has been upgraded from cities to countries.
The reason for this craze is all thanks to the fan economy. Before Singapore, Taylor had toured in the United States, Australia and Japan. Wherever Taylor went, hotels were full, peripheral products were hotly snapped up, and consumption data soared so rapidly that a new term "Swift Economics" was born.
The power of idols has now become a whirlwind that drives consumption, and in the crypto field, the fan economy cannot be ignored either. Asia's largest idol metaverse group MEET48 has accumulated about 2 million new registered wallets in two voting campaigns, a total of more than 20 million NFT votes, and more than 4 million on-chain interactions. Its existing Dapp already has 2 million registered wallets and 50,000 daily active users. Next year, MEET48 will hold the first Web3.0 idol finals in Hong Kong.
MEET48 has a 500-person technical and R&D team, covering a regional operation network in Singapore, Hong Kong, Taipei, Tokyo, Seoul and Dubai, and is considered to be the world's largest Web3 application project team. Entering the WEB3 field with such a large business scale is a gamble, and MEET48's ambition is to use the AI UGC content ecosystem that focuses on AIGC (Animation, IDOL, GAME and Comics) Z-generation trend entertainment content and the graphical and intelligent metaverse social base to achieve the social mass adoption of Web3 technology.
Last week, MEET48 announced its entry into the Japanese market and will set up a Japanese subsidiary in Tokyo in August, becoming the third overseas branch after Hong Kong and Singapore. At this time, BlockBeats invited MEET48 COO Kai to talk about MEET48's recent situation, explore how to develop fan economy in the crypto field, and how to use the latest AI technology and increasingly improved crypto infrastructure to create metaverse gameplay.
BlockBeats: Please give a brief introduction of yourself. When did you enter the crypto field? What prompted you to join MEET48?
Kai: Hello everyone, I am Kai, currently the COO of MEET48, and I have been working in the media and entertainment industry for about 16 years. I learned about blockchain technology by reading magazines around 2017. At that time, I didn’t quite understand the purpose of blockchain until I joined the startup team of MEET48 in 2022. We brainstormed together and found that blockchain technology and Web3 are indeed very suitable for fan economy.
BlockBeats: Please introduce the concept of Web5.0 (Web2+Web3) of MEET48. This innovative concept combines the traditional Web2 experience with the emerging Web3 technology. What is the profound impact on the entertainment and social ecology? In this new ecology, how does MEET48 find the best path for mainstream Web3 applications by integrating AI and MaaS technology?
Kai: When Jack Dorsey talked about Web5, he saw it as a combination of Web2 and Web3. Although what I said was a bit oversimplified, as we went deeper into the development process and observed the surrounding projects in previous bull and bear cycles, we gradually realized that Web3 cannot actually exist independently. It must be an extension of Web2. All new technologies related to blockchain and artificial intelligence need to focus on enhancing the user experience.
In terms of entertainment and social interaction, our goal is to incentivize user-generated content and simplify user ownership through Web3, and use new technologies such as AI and Maas to lower the threshold and provide better services and rights for Web2 users.
BlockBeats: What product lines does MEET48 currently have? How do these products work together under the Web5.0 content ecosystem concept?
Kai: MEET48's products are currently divided into three main categories. The first is AI tools and MaaS, including IdolGPT and SRMBuilder, which allow users to create their own content. The second is Dapps that focus on idol cultivation and fan economy, mainly our MEET48 community Dapp and our metaverse. Finally, we also have a large number of ecosystem games that help provide diversity as well as creative promotion and advertising.
Different products cater to different user groups, with the goal of bringing these different users together on a common immersive smart social platform, following our Web2+Web3 principles.
The AI trend is unstoppable. How does MEET48 build a smart entertainment ecosystem?
Since the beginning of this year, many excellent teams have emerged in the AI field, and the development of big models has also been rapid. The MEET48 platform combines AI big models with UGC mechanisms to provide users with rich creative resources and incentive mechanisms, encouraging users to generate high-quality content and gain fun and benefits through virtual idol performances.
BlockBeats: Can you give us a detailed introduction to the MEET48 Metaverse? How does MEET48 redefine the interaction between idols and fans through this system and create an intelligent social platform based on Web3.0 technology and artificial intelligence?
Kai: MEET48's existing Dapp already has 2 million registered wallets and 50,000 daily active users. It is a platform for idols to interact with fans, and MEET48's Metaverse will be an upgraded immersive smart social platform. It will not only be a virtual and real performance venue for idols, but also a platform for idols and fans to party, play games and socialize through their respective virtual images. With the assistance of artificial intelligence technology, users can more conveniently carry out various creations and experience a variety of user experiences.
BlockBeats: IdolGPT is an AI generation tool developed by the MEET48 team based on the multimodal AI-LLM "Paro". It started closed testing not long ago. Please introduce the main functions and user feedback of this product to us.
Kai: IdolGPT is currently in closed beta with 2,500 users. IdolGPT's features will be rolled out in different phases, and we are currently in the first phase, visual generation, which allows users to upload their own photos and IdolGPT will generate a virtual idol based on their appearance. We support male and female versions, and will also support the creation of non-human idols.
The next phase, which we plan to launch later this year, will see IdolGPT offer text-to-song and text-to-dance features, allowing users to create choreography and songwriting by inputting descriptive text, allowing users to further customize their virtual idol performances.
AI personalities, both original and based on licensed idols, are also on our schedule, allowing users to interact with fellow virtual idols. Users can also team up with other users to create virtual idol groups and host virtual idol concerts in our MEET48 metaverse and player-owned theater system.
We are still collecting feedback and welcome everyone to experience MEET48's products when we open large-scale public testing.
BlockBeats: MEET48 encourages the creation of user-generated content (UGC). What progress has been made in user education and guidance? In this process, how does MEET48 ensure the quality and copyright protection of user-generated content?
Kai: MEET48's upcoming SRM Builder can help users create virtual images and virtual music and dance performances by themselves. Users can share their own performances on their social media or publish them on the MEET48 platform. We will use the ecological fund to support and reward these high-quality creators.
And virtual images with a certain popularity and fans can form their own groups, forming virtual idol groups to participate in various voting competitions held by MEET48, and win generous rewards as well as greater exposure and development prospects.
For UGC content, we will provide blockchain technology to confirm ownership and copyright protection, including future profit distribution, and user voting is the only criterion for evaluating content quality and popularity.
BlockBeats: In the context of combining AI, what mechanisms does MEET48 have to support and motivate users to create high-quality content? And how does MEET48's AI data model and UGC platform allow users to gain more fun and benefits in creating virtual idols, participating in virtual performances and interactions?
Kai: It can be said that MEET48's music and dance model is the most advanced in the world at this stage, because we have up to 500T of high-quality cleaned music and dance videos as initial feeding training. This process has been going on for a year. There is no similar vertical model on the market. And we have more than 1,000 original music copyrights and thousands of performance costumes and other digital assets, which can help users to create virtual idols and virtual performances more easily and at a low cost.
In addition to images, costumes, songs, and dance moves, users can also design their own stages, lighting, camera movements, and other operations when creating virtual performances, creating their own personalized performances. They can also perform in the same virtual dance with peers from different regions. Ultimately, the performances created by these users will be published on the chain in the form of NFTs, and can be bought, sold, or disseminated as assets to earn revenue.
Eco-link ecology, MEET48's Web5 vision
BlockBeats: What are the considerations behind MEET48's announcement of entering the gaming market? What types of gaming products does MEET48 plan to launch in this field?
Kai: MEET48's Eco-link ecosystem is aimed at the newly emerging Ton platform and GameFi market, hoping to attract users through game products. MEET48 will use the ecological fund to incubate products and encourage users to enter. MEET48 has officially announced its entry into the TON ecosystem and officially released its first fishing game product CoinFish on the TON platform in August.
BlockBeats: How can idol culture be combined with game content? What innovations and attempts has MEET48 made in this regard?
Kai: For idol culture, the best form of games is music and dance games. The most representative ones are "Love Live" and "Idol Master". The success of these products proves that games are a good form for fans to participate in idol culture, so MEET48 will also enrich the experience of fan users through games.
The difference is that we will use AI to make each user's experience unique. It is not a preset content but is generated in real time by AI based on the user's behavior. In addition, users can also earn income with their contributions while playing the game. I believe it will be a groundbreaking and disruptive product.
BlockBeats: What is the current progress and results of MEET48 in using the Web3 economic model for content production and user interaction? How do you use governance tokens and NFT mechanisms to ensure the fairness, openness, and transparency of idol ranking elections and encourage users to actively participate?
Kai: MEET48 is committed to content production and user interaction through the Web3 economic model, and has made significant progress. By introducing governance tokens and NFT mechanisms, we ensure the fairness, openness and transparency of idol ranking elections and encourage users to actively participate.
1. Governance Tokens and NFT Mechanism
MEET48 provides a fair and equitable Web3 voting platform. We use the characteristics of NFT that cannot be tampered with and is permanently stored on the chain to ensure the fairness of idol rankings. User voting currently uses governance tokens to exchange NFT voting tickets (currently governance tokens have not yet been released, and points are temporarily exchanged for NFT instead).
The voting process of each NFT voting ticket will be recorded and saved on the chain to ensure that the entire process cannot be tampered with and is transparent and open. After the voting is completed, the NFT voting ticket will be destroyed, further ensuring the uniqueness and transparency of the vote.
2. User incentive mechanism
The core of active user participation lies in the fairness of the platform and the rich interactive experience. By participating in the idol voting, users not only have the opportunity to meet idols in the metaverse and offline, but also can turn themselves into virtual idols through MEET48 IDOLGPT (AIGC tool), compete with real idols, and enter the MEET48 metaverse together.
In addition, users who participate in activities such as voting will also receive corresponding points and future airdrop rewards. These incentives further enhance user participation and platform activity.
3. Points acquisition and voting process
Users can earn points by creating content, watching videos, and completing daily tasks. These points can be exchanged for NFT voting tickets, which users can use to support their favorite idols. The entire process is designed to encourage users to continue to participate and ensure the fairness and transparency of the election process.
4. Integration of blockchain features
Through blockchain technology, MEET48 has achieved tamper-proof and transparent data recording, ensuring the authenticity and reliability of all voting and user interactions. Every voting process is recorded on the blockchain, which not only ensures the security of data, but also enhances users' trust in the platform.
In addition, through the uniqueness and non-replicability of NFT, MEET48 has further enhanced fairness in the idol ranking election and prevented any form of cheating. Through these measures, MEET48 has successfully created a transparent, fair and interactive idol ranking election platform, further improving user participation and the overall activity of the platform.
BlockBeats: In the new Web5.0 ecosystem, how does MEET48 balance the needs of Web2 users and Web3 users?
Kai: Web2 users pay more attention to spiritual values, while Web3 users are more driven by economic values. MEET48 hopes to achieve true decentralization and mass adoption through our ecosystem, from tools to mechanisms to business models, so that Web2 users can participate conveniently and enjoy the economic value brought by the ecosystem while generating power for love. Web3 users can use their own experience and knowledge to provide services in the ecosystem and obtain corresponding benefits through their own contributions, rather than a pure Ponzi zero-sum game.
MEET48’s Journey to Internationalization
BlockBeats: As the main social platform of MEET48, the global version of Social Metaverse is about to start limited testing. Can you introduce the core functions and user experience of this Social Metaverse? What kind of product is it?
Kai: The core function of MEET48 Metaverse is immersive idol performances and fan social interaction. Traditional live broadcasts and videos can only achieve one-way content delivery, and cannot form two-way interactions and social interactions between users, which is far from enough for idols and fans. MEET48 Metaverse provides idols and fans with a more immersive interactive experience and a closer form of interaction. In addition to watching performances, idols and fans can chat, party or play games together, and fans with common topics can also socialize in this space.
BlockBeats: In which countries and regions has MEET48 expanded its market? What are the biggest challenges it faces in the process of global operations?
Kai: MEET48 has entered the markets of Southeast Asian countries and Hong Kong, Macao and Taiwan. The biggest challenge in the process of global operation is the dissemination of culture and trust. Like the belief of Web3, idol culture is also a kind of belief. We need to find and gather people and communities who believe in idol culture, and then let them trust that MEET48 can become their most dazzling stage and help idols achieve greater development and benefits.
BlockBeats: In the process of expanding into the Japanese market, what specific measures has MEET48 taken to adapt to and deepen its presence in the local market?
Kai: Japan has a very good idol culture foundation and fan economy market. In addition to some well-known idol groups, the number of underground idol groups is also very large. MEET48 will invite them to join and help them better showcase themselves and expand their fan base through our Metaverse platform, and use our economic system to help them gain more benefits.
In addition, Japanese users have a general understanding and acceptance of virtual idols, and their creative ability and enthusiasm are also very high. MEET48 will launch a localized version that is more in line with local culture and tonality. It is not just the difference in language, but in music, clothing, dance, scenes and other details that cater to the Japanese market, so as to promote the participation of Japanese creators and users. We will also have strategic cooperation with major Japanese platforms such as Line and Niconico to jointly develop and build an AI+Web3 virtual idol market.
BlockBeats: In the coming months, MEET48 also plans to open branches in Taipei, Seoul, South Korea, and Dubai. What is the basis for selecting these new markets and what are the future development plans?
Kai: These three regions all have a good Web3 market and user scale, and also have the soil for idol culture. I believe they will become important markets for MEET48 in the future.
BlockBeats: What other development plans does MEET48 have in the fields of AI, Web3, and the Metaverse?
Kai: For MEET48, AI is an auxiliary tool, Web3 is an architectural mechanism, and the Metaverse is a display platform. Ultimately, we hope to build an ecosystem where the natives are idols and fan groups, the content output is music and dance performances, and the business model is the realization of the fan economy. As the ecosystem expands, we can further attract people with different demands to join this ecosystem and work together to create and build the future of the MEET48 Metaverse.
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