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How tokenization is changing culture

What if there was a way to become a shareholder of your favorite luxury brand or superstar outside the traditional stock market? How does it work? How does it work? European football clubs will be the first brand to recognize the potential of tokenization, giving fans the opportunity to buy club-specific crypto tokens that add value, while offering voting rights and exclusive content. In essence, I became a fan shareholder. To date, more than 24 European clubs across five major leagues, including PSG, FC Barcelona and Manchester City, are considering whether they have begun tokenization.

Over the last two years, the capabilities of the crypto revolution have moved in a more dynamic way than previously imagined. A small portion of the world’s population, from healthcare to telecommunications to identity, is faster than the industry’s rapid growth into thousands of new utility use cases: value storage, an immediate global payment cryptocurrency model, and Understand the concept of digital assets.

The NFT (Non-Fungible Token) boom brings a radical new way for artists to buy and sell their work, with a history and exclusive assets stored in the blockchain within the NFT metadata. Before the NFT extended its ownership proof model to various disciplines of digital and physical assets, this concept grew rapidly outside the world of art, and digital land was bought and sold. Then came the next buzzword about space, the Metaverse. The open digital world inhabited by Avatar creates a whole new way for entrepreneurs to start a business, students have access to college education, and gamers can easily earn while playing. All of these utilize cryptocurrencies, NFTs and digital assets. It’s a relatively early stage, but as we say, a new world is evolving.

Brands such as Disney are seeing a trend towards the Metaverse, and entertainment giants have filed a patent for a “virtual world simulator at a real-world venue” with the US Patent and Trademark Office as early as July 2020. As you can see, the cipher isn’t hanging around. There is already another model where the brand is just looking at its potential. Tokenization, the emergence of fan tokens. Until now, I’ve basically been a bystander, no matter what area of ​​culture I’m most attracted to, from luxury brands to celebrities, bands and celebrities. Culture fans are accustomed to entering the world of that particular brand or artist by buying tickets for goods, records, movies and theme parks. It’s all about to change with a new wave that hits the crypto space: fan tokens, also known as social tokens.

This space first emerged in projects such as Chiliz, a sports-oriented fan token project that issued fan tokens in partnership with premier teams that span football, martial arts (including the UFC), basketball, and more. Chiliz’s market capitalization has already exceeded $ 1.5 billion (currently growing twice as fast as the Internet in 1997), while space is growing rapidly due to the exponential adoption of cryptography. .. “Music industry, brand, media industry, sports teams-these people have a huge community,” said Raulpal, a former hedge fund manager and prominent crypto entrepreneur, recently on this topic. As a fan, Pal added, “If the community you are involved in has tokens and the community is vibrant, the value of those tokens will increase over time. So your cultural interest is yours. Consistent with your investment interests, it is consistent with your business activities. “

The opportunity for this new phenomenon to provide all aspects of culture is an earthquake. It helps consumers change investors and creates multiple sources of revenue while increasing consumer engagement with brands, from fashion to music. The whole model is from the beginning and its success depends on the participation and involvement of the community. As we have already seen from the first sports tokens, the brand tells us that consumers hold exclusive content, offers, NFTs, and discounts in addition to holding brand-specific tokens that are themselves assets. It means that you will be rewarded with.

Two days before 2022 began, Wal-Mart submitted several new patents and trademarks to the United States Patent and Trademark Office, including plans to create its own cryptocurrency, Metaverse, and a set of NFTs. Wal-Mart is the first major retail brand to express its intention to create its own tokens in such a way, and its importance should not be underestimated. Nike filed a series of trademark applications in November 2021, with more brands lined up to explore this area. 2021 was the year of NFT and the birth of the Metaverse. 2022 will decline when social tokens reinvent the relationship between consumers and culture through blockchain technology.

The writer is the editor-in-chief of Evai.io at the DMCC Crypto Center.

https://gulfbusiness.com/how-tokenisation-is-transforming-culture/ How tokenization is changing culture

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