Today Doconchain, a leading provider of NFT solutions, announces an upcoming NFT marketplace, in collaboration with entertainment company partners, that will leverage the relationship between celebrities and fans. ‘The Famous’ marketplace will be based on a new generation of copyrighted NFTs, developed on the carbon neutral Algorand blockchain.
A Fast Growing Market
NFTs are taking the digital world by storm, preparing for a transition to a metaverse based on avatars and intangible assets that will contribute to developing a global ownership economy.
Today, the NFT asset market represents a fraction of the physical asset market but it will be bigger than it, in the near future. In 2020, the global NFT market represented approximately $338 million in transaction volume… in the first half of 2021, combined sales topped at $2.5 billion while the month of August alone set a record at $4 billion. Just the global collectible market which includes physical trading cards, games, toys, cars, and more, is a $370 billion market. Following that, the global NFT market is expected to grow by 1,000-fold over the next 10+ years.
Doconchain, created the first copyright NFT solution that allows to protect IP and monetize original works and intangible assets while taking advantage of blockchain and NFT technologies to offer a suite of innovative services.
The Copyright NFT provides an additional layer of value that allows stars and fans to experience a new level of engagement, powering a celebrity-based economy while strengthening the relationship between celebrities and fans. “The Famous” platform based on a token economy will bring a wind of change to the classic interactions between fans and celebrities. The project aims to create a social ecosystem that rewards fans for their loyalty and allows stars to connect with their fan base by providing them with unique collectibles, ‘NFT assets’.
The NFT marketplace is being developed in collaboration with entertainment companies and will onboard celebrities, first from Asia. The platform will offer different categories from music and cinema, to TV, animation and sport and different assets associated with NFTs such as music, video, art, avatars, badges, unique moments, making off footage and more.
The collections will be curated by an advisory board made up of prestigious representatives of the different categories.
An NFT Marketplace Built for the Fans
Fans will be able to access collectibles items from ‘Collector’ to ‘Rare’ and ‘Super Rare’. The NFTs will also give access to certain privileges for the holders while being tradable on the marketplace or exportable (for some of them). The marketplace integrates a Rewards Program that allows fans to support celebrities and develop the platform awareness by participating in social tasks, bounties and referral programs while earning tokens that can be used to purchase NFTs. Fans will also be able to participate in airdrop to get more tokens or receive NFTs.
‘The Famous’, the Place of Celebrities
Celebrities will be motivated to participate in the community as they can monetize their star power and elevate their brand name and brand partners (sponsors), opening the door to unique promotional opportunities. By using the Copyright NFT solution, celebrities can still own their IP and manage the rights attached to NFTs (e.g. for personal use only) while selling digital experiences for fans such as illustrations, music tracks, video, badges, avatars, special moments, and/or photos. Besides selling Copyrighted NFTs, stars will also earn royalties every time one of their NFT is traded in the marketplace.
Speaking about the launch, Kevin Abestilla, co-founder of Doconchain and head of technology said:
“Doconchain provides a suite of turnkey solutions, for this celebrity NFT marketplace, based on the customization of its existing technology and innovative solutions associated with its DOK token economy system.”
On the one hand, celebrities endorsed by ‘The Famous’ will be able to create their copyright NFTs and limited edition NFTs using different parameters that give them some flexibility while getting the full support of the team platform and on the other hand fans will be allowed to receive and purchase NFTs via an auction house and a marketplace, trade them in while earning tokens through the reward program.