In an increasingly digital world, Non-fungible tokens (NFTs) are becoming more and more popular as artists and collectors are beginning to use NFTs to showcase, buy and sell digital collectibles. Because of this, NFTs have been rapidly evolving in the past few months, allowing collectors to purchase a variety of digital collectibles, ranging from music, video games to sport trading cards and so much more.
As NFTs become more prevalent, the K-POP industry is also trying to shift their KPOP-related merchandise into the world of NFT. However, the release of K-POP related NFT merchandise has been met with a few skepticism, arising mostly due to the lack of information, coupled with negative media coverage regarding NFT and its impact to the environment.
Despite all of that, we believe that K-POP related NFTs are here to stay for the distant future, due to innovations and improvements set out by the Binance Smart Chain (BSC) Network, to keep artists and collectors engaged, whilst minimising the impact to the environment. In this article, we will be outlining the 5 main reasons why fans should support K-POP NFTs on FEATURED.
1. The K-pop artists aren't compensated by the counterfeit merchandise; they do on our NFTs
Buying K-Pop merchandise is one of the ways supporters can help to support their favourite K-Pop groups. With the increasing popularity of the K-Pop industry, it is not hard to find merchandise for specific K-POP groups anymore. However, most of the K-Pop related merchandise on the market tend to be unofficial, bootlegged versions, that are mass-produced and sold on online platforms to unsuspecting supporters. This unofficial merchandise does not help to support the artists in any way, and may even disrupt their success as they may find themselves without enough monetary support to continue their careers. K-Pop merchandise are important as the sales derived helps to signal to companies the level of demand for the group, and groups that don’t make money tend to not stay around.
THE SHOW FanBox NFTs is an official product produced in collaboration with KStarLive, SBSMedianet, to provide K-Pop fans with a way to support their favourite artists directly, and help to ensure that the artists they love can continue to do well in the future.
2. The K-pop artists do not receive royalties for future re-sales of existing merchandise; they do on our NFTs
THE SHOW FanBox NFTs allows supporters to support their favourite artists even further as artists will continue to receive royalties for future re-sales on the FEATURED platform, even after the campaign has ended. This ensures that artists get a fair share of their work, and inspires them to do even better.
3. The fans are protected because how many NFTs are minted are recorded on the smart contract
THE SHOW FanBox NFTs is hosted on FEATURED by Binance, a blockchain platform that enables peer-to-peer transactions via smart contracts without any trusted intermediaries. As THE SHOW FanBox NFTs are minted on the blockchain, artists are able to establish a direct relationship with their fans free of any platform risks.
NFTs, once minted on the blockchain, cannot be altered. This is especially important as the NFTs grants fans and supporters a strong sense of ownership and permanence.
4. FEATURED is built on an environmentally friendly blockchain: BSC only consumes 1% of energy compared with Ethereum
NFTs have been shown in a bad light in the last few months, due to concerns regarding energy usage and its impact on the environment at large. This is because most of the NFTs are built upon Ethereum, and due to its underlying blockchain model of Proof-of-Work, a single Ethereum transaction uses as much power as a fridge uses for three weeks. FEATURED by Binance however, is built upon the Binance Smart Chain (BSC) network, which utilises an eco-friendly consensus blockchain algorithm called Proof-of-Stake-Authority. Transactions under BSC take a shorter time to be completed, whilst using a fraction of energy required by Ethereum. In fact, a study conducted by the French Digital Asset Association (ADAN) concluded that the energy used by BSC was ‘negligible’, thus solidifying BSC as one of the greenest blockchains out there.
5. NFT minted on FEATURED are based on open standards. New innovations on top of these standards are coming. Stay Tuned!
FEATURED by Binance aims to provide a non-custodial, on-chain platform to facilitate the full lifecycle of NFTs for creators, brands and their fans. Building upon open standards (ERC/BEP-721, ERC/BEP-1155 etc.), this gives rise to network effects, interoperability and composability, and unlocks a lot of exciting innovations in digital goods. Stay tuned!