According to the report released by IMARC Group, the global market size of fan economy reaches $9.33 billion in 2020. As a blockchain startup, VIDYX is always committed to play the practical application of blockchain technology in fan economy and explore the blockchain on-chain digital assets to provide a new development model for fan economy.
Why do brands need to be on-chain?
In traditional fan economy, fans only play the role of passive ‘receivers’ rather than directly interact with brands and make influence. The gap between brands and fans leaves a space for scalpers to exploit the fan benefits brands create which are supposed to go to fans. For brands and advertisers, they need to pay a high cost to reach the accurate target audience and to retain users. VIDYX, through blockchain technologies, takes the whole brand on-chain and uses $VIDYX to align interests and share value of the brand, advertisers, and fans, creating a better way for fan engagement.
How does VIDYX enable brands on-chain?
The VIDYX ecosystem consists of two main parts: a blockchain-powered advertising reward system, and a blockchain platform for fan engagement based on Brand Token + NFT.
Blockchain Rewards Ecosystem
With built-in NLP protocol and video embedding layer technology, the video reward system provided by VIDYX has been used by more than 50 global media publishers such as CNN, CNBC, Vogue, Esquire and Hearst Media China, with total exposure exceeding 150 million, which is the largest blockchain reward ecosystem in the world. Fans can get the corresponding token rewards through clicking, viewing and other simple operations, which significantly lowers the entry barrier for users to enter the VIDYX ecosystem, thereby bringing more offline fan communities into the VIDYX ecosystem.
Brand Token + NFT based blockchain platform
VIDYX is developing an one-stop platform based on Brand Token + NFT to meet the needs of three main cases: offering and swap of brand tokens, fan governance and brand NFT merchant.
- Brand Token Offering and Swap: VIDYX provides technical support for Brand Token Offering and Swap. Brands can issue their own Brand Token on VIDYX’s Launchpad platform, and the initial offering price of Brand Token will be anchored with VIDYX, and the winning probability will be randomly assigned by smart contract algorithm, and users can participate in the lottery by depositing VIDYX to the smart contract or buy and swap in the decentralized exchange platform VIDYX Swap after the initial token offering (BTO).
- Fan Governance: The governance rights of a Brand exclusive to Brand token holders, including but not limited to voting on proposals by brands, voting &funding of fan-initiated proposals etc.
- Brand NFT Merchant: Brands can issue officially licensed NFT collectibles in the VIDYX-developed NFT Marketplace that exclusive to the brand token holders. Brands can also grant other exclusive rights to their NFTs, such as redeeming offline event tickets, limited peripheral products, etc., connecting the on-chain and off-chain interaction channels.
VIDYX Wallet will serve as a gateway to the above functions, providing a fast and smooth user experience in the form of a DAPP, and the blockchain will guarantee the fairness and transparency of all operations.
VIDYX Practical Use Cases
With a wide range of partnerships, VIDYX has expanded into the fashion, entertainment, and e-sports industries. VIDYX provides a variety of specific approaches to address the needs of brands and fans in different industries.
- Entertainment: By issuing personal brand tokens to close the distance between celebrities and fans, celebrities can issue exclusive NFT collections, such as images, videos, songs, etc., and can effectively engage with fans by voting on issues such as “Where will be the next show?”.
- Traditional sports and eSports industry: Brand tokens will replace traditional payment models such as paid membership or season access tickets, and enhance fans’ belonging by combining traditional tickets, peripherals, etc. with on-chain digital assets, hence increasing the chance of monetisation.
- FMCG and luxury industry: Brand tokens will replace the traditional loyalty point system, and brands can grant token holders exclusive discounts, enhance fans’ participation in the decision-making of brand sales strategies, etc., thus increasing customer loyalty and retention.
Team and Development Roadmap
Established in 2016, VIDYX was a San Francisco based video web tech start-up company founded by Harvard Undergrad Patrick Colangelo and former Credit Suisse Investment Banker Matthew Lim. In 2018, VIDY started to incorporate blockchain technology into its product to allow a decentralized reward economy to exist seamlessly across its publishing partners. 2021, VIDYX will see a major update and upgrade, in addition to continuing to develop the original video incentive ecosystem, VIDYX will venture into the NFT industry to create a Brand Token + NFT VIDYX will enter the NFT industry and create a paradigm of on-chain fan economy with Brand Token + NFT model.
At present, VIDYX has deployed its token VIDYX on the Binance Smart Chain. VIDYX will develop VIDYX Wallet, VIDYX Swap, VIDYX Launchpad, NFT Marketplace and other decentralized applications based on the Binance Smart Chain and use multi-asset supportive bridge technology to access more public chain ecologies and metaverse in the future.
Since the project was established in 2016, VIDYX has developed business partnerships with more than 50 global media companies such as CNN, CNBC, Vogue, etc., thus bringing plenty of opportunities for $VIDYX to be used.
In the first quarter of 2021, VIDYX officially entered the NFT field and reached cooperation with many popular IPs in the e-sports and entertainment industries, such as eStar Pro and Tokidoki, to jointly explore the practical application of blockchain in the fan economy and NFT area.
On April 13, 2021, Binance, one of the world’s leading cryptocurrency exchanges with over 50 million users, confirmed that it joined the blockchain NFT platform jointly developed by VIDYX and Media Publishares, publisher of Singapore’s Vogue, Esquire, Robb Report and Buro, joining forces to create a new NFT platform for the fashion, art, and music industries.
Brand on-chain is the foundation of VIDYX’s ecological development. Due to the support of strong business partners, VIDYX has successfully leveraged blockchain technology to create the world’s largest blockchain rewards ecosystem. With the joining of industry leaders such as Binance and Media Publishares, and the growing IP support, the new model of Brand Token + NFT created by VIDYX is expected to drive the explosive growth of on-chain fan economy.
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Official website: https://vidy.com