“The Rise of NFTs: How Digital Ownership is Revolutionizing Business Models” BitMart Off-the-Chain AMA #4 Recap
BitMart’s AMA Host, Kelechi Ibe spoke with guest speakers from Wavv, Isekai Metaverse, Sator, and Synesis One. Below are some highlights from the discussion on the growing popularity of NFTs and their impact on different sectors.
The AMA has been refined for clarity and made more concise. A link to the full AMA can be found at the end of this article.
Wavv
With Ivan Linn (CEO of Wavv)
Kelechi Ibe: Could you share some information about yourself, your company, and how you became involved with NFTs?
Ivan Linn:
Wavv was founded with the aim of empowering artists and optimizing the traditional music industry through Web3 and NFT. The creator economy will be empowered to move forward with many new things. NFT offers a new way for music artists and communities to engage with fans and build relationships with the original creators of music assets, including covers and reproductions. Justin Bieber and Shawn Mendes are examples of artists who used covers to enter the music market at an early stage. NFTs also provide a means to trace ownership back to the original creator and facilitate support and engagement between creators and fans.
Kelechi Ibe: Can you tell us more about your NFT?
Ivan Linn:
Wavv and BitMart are collaborating to launch an NFT-gated clubhouse, allowing music fans to become part owners of their favorite artists. By participating in a peer-to-peer relationship, creators and consumers can engage directly without the need for middlemen, creating a community that provides feedback and promotes marketing. Owning a portion of an artist’s future copyright and audio assets will facilitate collaborations that enable creators and consumers to grow together, resulting in better content. This will replace the traditional focus group, which has been limited in its scope. Interacting with fans and crowds inspires artists to be more creative and produce better work.
Kelechi Ibe: What are the unique features of Wavv in particular, compared to other NFT platforms?
Ivan Linn:
Wavv is not just an NFT platform, but one that aims to empower artists and bridge the gap between Web3 and Web2 communities. Wavv’s principle is to provide a music hosting and streaming platform that is easy to access and understand without complicated processes or wallets. The platform will allow music creators to upload, publish and distribute their music directly while providing a flawless user experience for consumers. By adopting such a unique infrastructure, Wavv hopes to attract music creators and consumers from both Web3 and Web2 communities to create a better music community.
Kelechi Ibe: What are some of the expected revenue sources?
Ivan Linn:
The majority of people view consuming music as a complimentary experience, which is not necessarily good for music creators. The infrastructure for music consumption is flawed, and the revenue flow calculation and circulation are not improving. NFTs and token economics provide hope for solutions that benefit music creators. Tokens can be circulated within a platform, and a peer-to-peer support system between music consumers and creators can be established. Fans or audiences can subscribe to an artist’s tokens, either financially or strategically, to support them. Tokens can help cut down costs, eliminate middlemen, and drive another way of creating an economy, generating more revenue through direct support and financial support between creators and consumers.
Isekai Metaverse
With Filo Murakumo (Founder of Isekai Metaverse)
Kelechi Ibe: Could you share some information about yourself, your company, and how you became involved with NFTs?
Filo Murakumo:
I’m Filo, the founder of Isekai Metaverse. I was previously an artist who became fascinated by the possibilities of blockchain and began curating exhibitions and making artworks about Art Blockchain in Asia in 2018. In 2021, I decided to become a project leader in Web3, believing that blockchain and NFTs can bring positive changes to the creator economy. I believe NFTs’ power comes from their inherent composability and that they must be distributed under CC0 to prevent Web2 giants from robbing the collective value of community contributions. Isekai Metaverse is a Web3 ACGN creator ecosystem that focuses on animation content creation, and we are striving to change the creator economy.
Kelechi Ibe: Can you tell us what ACGN actually means and why you guys chose to focus on those four categories?
Filo Murakumo:
ACGN stands for animation, comics, games, and novels, which is a Japanese subculture genre. These four categories are not separated and are considered a whole concept. ACGN embodies the essential spirit of Web3, which is decentralized and open source, making it an interesting choice for Isekai Metaverse.
Kelechi Ibe: Can you explain what role Isekai DAO plays in connecting Web3 and the traditional commercial world?
Filo Murakumo:
Isekai Metaverse is a Web3 content creation and distribution platform based on the open-source creator protocol, Isekai Protocol. The platform’s name, Isekai, is a Japanese term for “other world,” and is inspired by the Japanese subculture genre of light novels, manga, anime, and video games in which ordinary people are transferred or reincarnated into another world. The protocol allows creators to create derivative works based on original IP for commercial purposes while ensuring that the same protocol is followed. The Isekai DAO is responsible for establishing the link between Web3 and Web2 and oversees platform content, launchpad use, and the selection of outstanding creators.
Kelechi Ibe: How does Isekai generate revenue for the full project in general?
Filo Murakumo:
Our revenue sources include the NFT launch, game publication, a commission fee for NFT launchpad, and a protocol fee. Other NFT projects can sell their NFTs on our platform, and we will take a commission fee. We are also content creators and will continue making good quality NFT works. NFT projects following the Isekai Protocol can join our ecosystem and use our visual novel maker, with a small protocol fee. We also take a commission fee on each game publication and will engage independent game producers to produce our own games. Our goal is to facilitate more creators to come up with great IPs.
Sator
With Chris Martin (Co-Founder of Sator)
Kelechi Ibe: What was the inspiration behind Sator?
Chris Martin:
Sator aims to decentralize the value in the centralized television industry and build infrastructure for global streaming TV to expand to Web3. We are solving the scalability problem faced by the industry with a turnkey, scalable set of solutions that will bring television to the metaverse and NFT-supported video-on-demand. Sator has already built a mobile app on Android and iOS where audiences can watch content and collect NFTs through in-app purchases. We are preparing to launch a streaming channel that will use the mobile app as a blockchain verification layer, allowing viewers to own an NFT or stake tokens to access streaming TV content.
Kelechi Ibe: How does NFT play a role in improving viewer engagement?
Chris Martin:
Imagine buying an NFT to unlock your favorite TV show subscription, which gains value as the show becomes more popular. This is a healthier and more aligned economy for viewers and content rights holders, who can hold onto the valuable network they build around popular titles. NFT distribution allows for higher perceived value and direct relationships between creators and fans. This approach benefits both the audience and the industry by providing an asset instead of an expense and enabling content owners to maintain their valuable networks.
Kelechi Ibe: How does the Sator platform benefit TV networks, producers, and distributors?
Chris Martin:
Sator is a blockchain Web3 company that stands out in global television markets for its unique value proposition. It is more than just a place to mint NFTs, as it provides a platform for content distribution and monetization, which is what broadcasters, streamers, and production houses are seeking. They are interested in finding new scalable sources of revenue, and Sator can potentially provide the solution they need. Despite the current bear crypto market, media executives are not price sensitive, as their focus is on distribution. Sator’s efficient and inexpensive platform built on Solana can accommodate large volumes of content, making it a viable partner for streaming networks with thousands of titles and tens of thousands of hours of content.
Kelechi Ibe: Can you talk about the benefits of the SAO token to all the participants in the network?
Chris Martin:
The Sator token is the native utility token of the Sator platform, allowing users to hold a pro-rata share of the network’s value. It is used for all transactions on the platform, with exciting utilities being added to the app, including a play-to-earn game where in-game NFTs and Sator tokens are the prizes. Media companies and enterprise customers use the Sator token to stake and promote their content on the network, creating a token economy with both activation and promotion sides. The beta product and token were launched simultaneously, and the team is focused on continuous building and improving.
Kelechi Ibe: How do B2B and B2C sides benefit from the Sator platform?
Chris Martin:
As the R&D side of Sator, the platform has transaction fees and in-house NFT Studios has a rev share with TV and film titles. There are also engineering fees for enterprise media clients. Sator is building utilities for the token, including a new utility related to the NFT-supported streaming channel. The base subscription is staking Sator tokens and NFTs can be used to unlock specific titles. This is Web3 TV, where users can stake tokens or own NFTs to hold value in their wallet and add to the network effect of a TV channel or movie. This is the potential that Sator is working on the building.
Synesis One
With Joshua Hong (Co-Founder of Synesis One) and Leo Maranan (Head of Community at Synesis One)
Kelechi Ibe: Can you give us a general overview of Synesis One?
Leo Maranan:
Synesis One is a platform that enables AI companies to crowdsource raw data and data processing services to power their AI applications. The platform allows AI companies to set up simple tasks, and users can complete these tasks and get paid for approved work. The high-quality crowdsourced data is then purchased by clients to build their AI applications. The goal is to provide everyone with the opportunity to train AI and be part of the multibillion-dollar AI industry while earning crypto.
Kelechi Ibe: Can you talk to us about how the interaction between contributors, traders, and consumers drives Synesis One as a public data utility? What’s that relationship like?
Joshua Hong:
In simple terms, AI companies pay for AI data that is collected through a gamified ecosystem involving builders, validators, and architects. Builders use a mobile app to create conversational AI while validators examine and approve the submissions. Architects work with AI companies to turn their requests into assignments within the ecosystem, and ultimately approve payouts. The ecosystem ensures quality AI data through the wisdom of the crowd, where multiple people examine an image and determine its contents.
All participants need a Kanon NFT as an entry membership card. Mind AI, the first client, committed $400,000 to receive natural language-based ontologies through campaigns designed by architects and executed by builders and validators.
The Kanon NFT generates active and passive income. It serves as a membership and earns SNS when staked and working. Holding onto it generates residual income based on how frequently the word represented by the NFT is used by AI companies. The gamification component adds to the revenue stream. It represents a unique word like a mountain, love, train, etc. It is a DeFi crypto asset that generates two revenue streams, making it a good investment. The expected future earnings depend on the popularity of the word it represents.
Kelechi Ibe: How do you generate revenue for your company?
Joshua Hong:
We make money by charging AI companies that want to use our Synesis One ecosystem to aggregate their own data. We take a percentage of the budget being staked into the pool, and most of the money goes to builders, architects, and validators. Some of that money is paid out as a passive income to NFT holders. Our token economics is based on a real yield system, without inflation. There is no funny money or Ponzi-type economics. It’s a clean accounting credit, and the debit system where AI companies pay us for data, and we pay our workers and all transactions are on the blockchain.
>> Listen to the full AMA here <<
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