Web3 is the new “it” thing, making headlines everyday with rave innovations in what tech, especially, the internet is capable of. With things like finance, gaming, art collectibles, even virtual live events leveraging the technology, why should the content creation domain be left behind.
Fantrie, a platform that enables creators to monetize their creations and form interactive online communities, gets to be the trailblazer embarking upon the task to exploit Web3 benefits for this territory with the assistance of Fautor. Fautor will introduce the platform to the world of DeFi via its house-baked blockchain network.
It’s a project based on Fantrie service and aims to expand it into a blockchain ecosystem. The most exciting part is the objective that goes behind this transcendence to Web3— enabling a revenue model for the fans.
Before we take a dive into Fautor, let’s have a look at Fantrie
Launched in March 2021, Fantrie is a platform where creators upload their content, and onboard followers to not just consume it, but also incentivize further creation. Creators can provide exclusive premium content to their paid subscribers.
On other social media platforms, creators mostly rely on ads for revenue, which in the long run, proves to be a disservice to the fans. Sometimes, they do paid reviews without even declaring that it’s a sponsored endorsement. Fantrie intends to change that.
Fantrie, thus, enables a direct communication between the creator and their fans, who pay for quality entertainment and other recreational services. As a result, it is currently one of the largest subscription platforms in South Korea, with over 1,000 creators running the platform and 700,000 registered users bringing in the money.
Fantrie doesn’t stop at simply facilitating the platform for content. It also provides significant services to the creators such as content security against unauthorized leakage, plagiarism, piracy and unsolicited modifications or tampering. It has innovative ways to increase creators’ outreach, suggestions to gain subscribers etc. The platform shines among others in that its distribution structure minimizes platform revenue, leaving maximum possible margin for the creators.
Thus, the platform actively engages to support the creator, so that the creator can be worriless to focus on their creative process.
Fantrie, as a platform for creator-fan economy, has leaped itself ahead of other such traditional platforms, with its services to the creators and outreach towards the fans. Hence, it would be fair to say that it is more of a Web2.5 platform, which turned to finding ways to generate revenue for fans as well; and that’s when it decided to expand to Web 3.0. That’s how Fautor was conceived.
Fauter is a project that seeks to build a creator-fan economy in the Web3 space, and expand its provinces, which are still largely confined to decentralized financial activities.
Encompassing Web3 with the entertainment industry is an intricate task because of the purely human dependent nature of the industry. The platform secures features while keeping in mind the utter perplexity faced by creators and fans alike, while navigating the technicalities of Web3 and blockchain.
Based on these principles, the company has developed its platform’s features, functionalities and the interface, making for a highly convenient user experience. The company seems to be fully aware of previous startup failures and projects shutting down due to this very issue in the system’s adaptability.
Although the initial development of the network was on Klaytn blockchain, it has now expanded services to other mainnets as well, including Avalanche, BNB and Polygon.
The Creator NFTs— Pebbles
While operating in Web3 in the domain that has great utility for metaverse and digital collectible functionality, the company would be remiss if it didn’t draw attention to NFTs. They have created a system where creators can issue their limited edition content as NFTs.
Once the creators upload their content for sale on the platform, the system mints it into NFTs that can be bought by the fans. The system mints these NFTs on the Klaytn blockchain. The creators decide the price, sales period, issuance volume etc.
The network has exceeded the collection amount mark of 40,000 non-fungible tokens of which 98% are sold. An average of 80 tokens are minted daily. The platform provides its home-baked tools for managing NFT ownerships, issuance etc. conveniently for both creators as well as fans and users, such as NFT wallets on Fantrie.
The fans can also trade the NFTs in the secondary market using Fautor. There are other provisions in place which make it easy for the purchased NFTs to be extended to external projects, networks and blockchains other than Klaytn, as it has developed itself as a multi-chain platform to support blockchains such as Avalanche, BNB and Polygon.
The Fautor Token— FTR
FTR is the native utility token of the platform that is used for buying NFTs, subscribing to creators, supporting community growth etc. It can also be traded in the secondary market. The token holders also get certain governance rights for the network. It is based on the ERC-20 token protocol.
If we talk about the statistics, the FTR token that was initially issued in KIP 7 standard, was held by 424,688 unique individuals, of whom about 300,000 were Fantrie users. But the company has recently reissued the token in ERC 20 standard.
Creator-fan economies are an established concept in Web2 applications. But this is only one sided revenue model, i.e., for the creators. Bringing this domain as a use case in Web3 not only increases real-life application of blockchain technology, but also unlocks a potential revenue generation avenue for fans as well in the content creation ecosystem, which only generated income for the creators.
This win-win situation for fans and creators reinforces a cycle of growth, wherein fans pay creators, directly driving the fans to produce content, while the fans are also incentivized to subscribe to their favorite creator from the trading activities of their tokens and NFTs.
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