Blockchain and Kpop: A Surprising Fusion
Prepare for an unexpected combination: cryptocurrency and Korean pop culture. Modhaus, an entertainment company, has set out to revolutionize the Kpop industry with the power of blockchain. By leveraging blockchain technology, Modhaus aims to enhance engagement and transparency by allowing fans to vote on their favorite groups’ developments. This unique approach is not limited to South Korea; other countries are also using blockchain to promote their cultures globally. For instance, the Kandama NFT collection showcases the indigenous Ifugao weaves of the Philippines. It won’t be long before more countries launch similar projects. As a Kpop enthusiast, this report offers fascinating insights into the future of the industry. In this article, we will delve into how blockchain is impacting the world of Korean pop idols. Later, we will explore the Polygon blockchain to understand the inner workings of this innovative fusion.
Understanding the Concept of “Crypto Kpop” Groups
Let’s dive into the concept of “Crypto Kpop” groups by looking at Modhaus, touted as the “world’s first Open Architecture Entertainment company.” The term “Open Architecture” refers to Modhaus’ unique approach to fan engagement. Recognizing that the success of Kpop is largely due to its passionate fanbase, Modhaus acknowledges the significance of fan participation. Prior to the pandemic, the Kpop industry boasted over a million dedicated fans. Today, it is a thriving $8 billion market that shows no signs of slowing down. However, Modhaus argues that fans often feel like mere consumers and have limited opportunities to engage in the decision-making process of their favorite artists.
To exemplify this issue, Modhaus points to a notorious voting fraud scandal involving a popular Korean idol program. Fans were led to believe that their votes would determine the members of a group’s debut, only to discover that the process was rigged. Naturally, this revelation left fans utterly shocked and disheartened. In contrast, Modhaus adopts a different approach and prioritizes the active involvement of enthusiasts. This is where blockchain technology comes into play.
Modhaus utilizes the decentralized computer network called blockchain, which powers cryptocurrencies, to give fans a voice. Specifically, the company employs the Polygon blockchain. They recently conducted a voting event for their Kpop girl group TripleS, allowing fans to decide the title track for the group’s “ASSEMBLE” album through the “Gravity” voting event. This voting process took place on the TripleS official app, “Cosmo: The Origin.” Fans utilized COMO, a digital currency earned from exclusive NFT photo cards known as “objeckts,” to cast their votes. Each objeckt earned fans one COMO. Votes were stored and processed by Polygon Labs, Hashed, and the Near Protocol-backed Ramper. Additionally, COMO tokens serve as governance tokens, granting fans the power to vote on future activities within the network. As a result, fans are no longer mere consumers but active participants in the development of their favorite Kpop groups, effectively turning them into “decision-making producers.”
It is only a matter of time before other artists embrace a similar system, as blockchain and other technologies continue to gain prominence worldwide.
Diving into the Mechanics of the Polygon Blockchain
To truly grasp the intricacies of the crypto Kpop system, one must have a basic understanding of blockchain. Let’s briefly explore the concept. As mentioned earlier, blockchain is a decentralized computer network that enables cryptocurrencies. The most renowned cryptocurrency is Bitcoin, created by Satoshi Nakamoto. Bitcoin’s founder envisioned a world that relied on this digital currency instead of the traditional banking system. This led to the rise of numerous digital currencies worldwide.
Polygon is one such digital currency, developed by Anurag Arjun, Sandeep Nailwal, and Jaynti Kanani. They designed Polygon to facilitate the growth of Ethereum, the second-largest cryptocurrency, by enabling transactions to occur outside of the Ethereum chain. These transactions are then returned to the Ethereum chain. While the initial version of Polygon introduced sidechains, which are networks linked to a larger main chain, it has undergone significant upgrades over time. Polygon sidechains have transformed into stand-alone chains, independent networks suitable for various businesses. Moreover, the blockchain now includes secured or Layer 2 chains, offering stronger protection compared to stand-alone chains. Ethereum, the primary network, safeguards these secured chains, making them even more secure. Notably, Polygon’s MATIC token streamlines the purchasing and minting of NFTs, making them faster and more affordable. NFTs are non-fungible tokens that record ownership of physical and digital goods on the blockchain. For instance, the crypto Kpop photo cards are NFTs tied to a COMO token, which serves as proof of ownership. Additionally, COMO functions as a governance utility token, granting holders the privilege to vote on the network and shape the future direction of TripleS.
Conclusion: Uniting Traditional Culture with Technological Innovations
Recent technological advancements have brought about an unlikely fusion between Kpop and blockchain. Modhaus may be the first to embrace this paradigm shift, but we can expect to see similar systems emerge in the future. As more countries recognize the power of technology in preserving and promoting their traditions, they will undoubtedly explore innovative avenues. For example, the Philippines leverages technology like Starlink to share the rich culture of the Mindanao’s Blaan Tribe with the world. It’s crucial to stay informed about the latest digital trends and innovations to understand the immense potential they offer. Stay updated on the latest news and information in the digital world by checking out Inquirer Tech.
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