Author: Jiyun Kyung, Business Development (https://www.linkedin.com/in/jiyunkyung/)
WEPIN Partners Day 2024 Speakers
① Verychat: "The Future of Web3 Mass Adoption Through the History of Computer Popularization"
③ map3protocol: "Web3 based Real-World Map"
④ Metacultures: "Global Mass Adoption through K-Culture Performance"
⑤ BitBlue: "Entertain Transformation; AltTown"
⑥ Socialus: "Building YouTube Investment Ecosystem with Web3 Wallet"
⑦ StudyRich: "StudyRich X WEPIN, Creating WEB3 Learning App"
⑧ Modern Lion: "Driving Blockchain Mass Adoption through NFT"
⑨ WEPIN Wallet: "Growing Together with Partners, Shaping the Future of Web3 Mass Adoption"
[TL;DR]
- Through X-PASS, an NFT-based pass system, MetaCultures prevents ticket scalping, enables swift venue entry, and provides services that integrate privacy protection and fan culture.
- The platform has successfully collaborated with mega IPs such as "Cats" and "The Phantom of the Opera" to provide NFT tickets and digital goods services, currently maintaining 40,000 organic holders.
- MetaCultures is preparing for global market expansion through a partnership with Japan's Lawson Ticket, while planning to implement zero-knowledge proof technology for privacy protection and establish a transparent secondary market system.
About MetaCultures
X-PASS is an innovative Web3 platform operated by MetaCultures that combines blockchain technology with cultural performances. This service, developed by MetaCultures, presents a new paradigm in the performance industry. At its core, X-PASS utilizes NFT technology for ticket issuance, offering value beyond mere admission. The platform builds an ecosystem connected to venue entry, providing audiences with enhanced experiences. Additionally, through token-gating services that offer exclusive benefits to specific NFT holders, X-PASS creates unique connections between fans and artists. Furthermore, X-PASS extends the realm of cultural performances from physical to virtual spaces by providing various blockchain services, including digital memorabilia linked to performances.
Global Mass Adoption Through K-Culture Performance
Hello, I am Yong-woon Shin, operator of MetaCultures' X-PASS service. Drawing from my 15 years of experience in the cultural performance sector, I have been researching innovative approaches to the cultural industry utilizing Web3.0 technology. X-PASS employs an NFT-based pass system to prevent ticket scalping - a major issue in performance ticketing - while enabling swift venue entry for audiences. As an industry professional who deeply understands the severity of the current scalping crisis, we aim to contribute to resolving this pressing social issue. Our service distinguishes itself by minimizing personal data collection while building an ecosystem that extends beyond simple NFT ticket issuance to integrate with fan culture.
While the cultural performance market is experiencing rapid growth, it faces numerous challenges. Unlike the film industry, which has successfully transitioned to digital ticketing, the performance sector still largely relies on paper tickets. Scalping remains a persistent issue. Moreover, unlike K-pop with its systematic fan management, the cultural performance sector is highly fragmented, necessitating an integrated platform.
To address these challenges, we have developed an innovative service that combines mega IPs, fandom, and Web3 technology.
Regarding our actual cases and achievements, we successfully issued NFT tickets for the musical 'Cats' in collaboration with Kakao Klip Drops. Additionally, we partnered with Upbit NFT to launch a premium figure package priced over 1 million won, which sold out in just 23 seconds.
Secondly, we formed a partnership with SK Planet for content operation management. We successfully implemented NFT tickets in place of traditional paper tickets during a two-week run at Busan Dream Theater, creating a proven use case.
We also collaborated with Mercedes-Benz to create NFT goods connected to the 'School of Rock' performance for their VIP customers. This project was executed in partnership with Catalyze, an XRP-based company. While we encountered various communication challenges during the Web3.0 popularization process, overcoming these obstacles has allowed us to accumulate valuable expertise.
Recently, we partnered with 'The Phantom of the Opera,' which gained significant attention due to Jo Seung-woo's starring role. We installed QR codes in the musical lobby and provided special digital goods services tailored for the predominantly female audience.
Through this project, conducted across Seoul, Busan, and Daegu, we have issued over 25,000 NFTs. This marks a significant milestone as the first NFT issuance for a global IP with 40 years of history.
Unlike the common perception of NFTs as mere digital artifacts, performance IPs like 'The Phantom of the Opera' carry enduring value similar to Disney properties. With performances scheduled for the next two years, we are exploring ways to maintain the long-term utility of these issued NFTs.
'Hadestown,' currently running in Busan following its success in Seoul, is also garnering significant popularity. We are conducting NFT goods events for this performance as well, with over 5,000 mints to date. These NFTs will be integrated with various benefits including discounts for repeat viewings in future performances.
Currently, most venues still use inefficient processes like stamping or punching paper tickets. We aim to make this process more transparent and systematic through NFT tickets. During these innovative efforts, we caught the attention of Lawson Ticket, a major Japanese convenience store chain.
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The cultural performance sector is following the path paved by K-pop, with increasing synergy effects such as more idol artists appearing in musicals. As the K-pop market stabilizes, we anticipate the cultural performance market to become the next growth engine.
Notably, Japanese audiences are attending Korean performances in significant numbers without dedicated promotion or language support. Expecting further growth with the establishment of systematic channels for these audiences, we are preparing Japanese language services in collaboration with the WEPIN wallet.
We have focused on achieving tangible results beyond merely announcing partnerships. On October 25th, we held a meeting with Lawson's General Manager in Busan, and we are currently discussing active collaboration opportunities.
Expanding beyond musicals into the concert sector, we are preparing NFT membership services for Lee Eun-mi's live concert across six regional venues beyond the Seoul metropolitan area. We are particularly focused on developing services that ensure continued utility for initially issued NFTs.
Currently, we have secured approximately 40,000 organic holders, with their NFTs safely stored in WEPIN wallets. From a security perspective, considering the similar characteristics between SBT (Soulbound Token) and NFTs, we are actively exploring the implementation of zero-knowledge proof technology, which has been gaining attention recently.
While zero-knowledge proof technology is frequently discussed, there are few cases of its practical application in services. We are preparing to address the extensive personal information requirements in ticketing processes through this technology.
We are preparing to launch our beta service in November, featuring content from our secured mega IPs. This service will be integrated with the WEPIN wallet. Our partnership with Japan marks the beginning of our global expansion in fandom services, particularly targeting Japanese tourists.
Regarding the scalping issue mentioned earlier, we are developing a platform service to manage NFT ticket secondary trading transparently. The term 'scalping' is primarily a concern for production companies because they don't receive revenue from secondary market transactions. We aim to address this through implementing a transparent revenue-sharing system. Additionally, our marketplace will soon launch in beta.
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We envision NFTs not merely as digital assets but as the foundation for a sustainable new business model. Through our various initiatives demonstrated so far, we have validated the potential of this approach and plan to expand our business globally based on these proven results. Our collaboration with WEPIN wallet will play a crucial role in this expansion, particularly in facilitating seamless service for international users.
Note: This content has been edited from presentations delivered at WEPIN Partners Day 2024. Please be advised that some content may vary from the original presentations.
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