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Wednesday, September 22, 2021
Home Cryptocurrencies Non-Fungible Tokens are Bringing Fans and Stars Closer. Here’s How

Non-Fungible Tokens are Bringing Fans and Stars Closer. Here’s How

From meetups to backstage passes and book signings, interactions between celebrities and their fanbase have always merited interest from both parties involved. Meeting your favorite TV star, sports athlete, or musician is something that appeals to everyone. It’s the stuff of dreams, especially for hardcore fans.

On the other hand, many celebrities also always demonstrated interest in meeting their fans, talking to them, and showing some form of gratitude for their support. It can, of course, be hard for a celebrity to do so when there are so many fans to tend to. As so, many of these events can seem somewhat fast-paced, impersonal, and even forced.

Moreover, these interactions are usually organized and monetized by third parties, involving either brand sponsorships or incurring fees for the fans. While fans are happy to show support and pay for these interactions, the stars may not even be specifically rewarded for their involvement, as there is usually some form of middlemen involved.

Technology is bridging the gap

The internet has been a giant step when it comes to bringing stars closer to their fans. From Twitch streams to Instagram Live and AMA sessions, the internet allows stars to bridge the gap between themselves and their fans easily and without any third-party involvement or fees. 

Some stars are even known for taking the time to answer their fans online and engaging with them on a personal level via chat. In this regard, the internet has been a great tool in removing traditional barriers and the middlemen associated with these interactions. Now, blockchain tech is taking the concept to a whole new level thanks to the use of Non-Fungible Token (NFT) technology. 

By now, it’s well known that this technology can be used to remove third-party fees by creating peer-to-peer economies where anyone can be both a service provider and a user. Here, cryptocurrencies serve as an underlying incentive mechanism for peers to provide quality services while allowing them to compete on an open market. 

We’ve seen it happen with Decentralized Finance (DeFi). Now this system is spreading to other industries like wildfire, especially with the advent of NFTs, which Olyseum is leveraging to create a new ecosystem for fan-star interaction.

Enter the world of xNFTs

Olyseum’s NFT platform leverages this technology to tokenize interactions and bring fans and stars together, rewarding both sides for their engagement and creating new monetization opportunities. So, how does it work?

Stars use the Olyseum platform directly to create xNFTs. These are tokens that represent interactions with fans, which can go from live meetups to online interactions and personalized merchandise and memorabilia. These tokens can then be collected, bought, sold, and lent by fans and users on the Olyseum platform. 

Here, stars can be rewarded for their engagement with fans directly, as xNFTs can be sold without any middleman fees. Fans will also have a chance to generate new revenue streams from these xNFTs by selling or even renting them to other participants, further broadening the accessibility to these interactions.

Branding and sponsorship opportunities are also available, allowing companies to use these xNFTs to get their product seen alongside the star. Furthermore, the celebrity will earn a commission every time their xNFT is resold. 

While there are many more features and nuances to the Olyseum platform, it is clear to see that the team is bringing along a new standard for the celebrity economy where both stars and fans will be able to connect directly, have meaningful experiences together, and even monetize their relationship in multiple ways.

Staff
Staff Writer posting jobs, articles and collaborative content.

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