With the growth of SNS content markets, such as YouTube and Facebook, the number of people who create and promote creative works has been increasing worldwide. However, in this innovative market, the content creator is the subject of creation and also consumption at the same time.
The Xpop project is an entertainment platform where music and video producers, webtoon artists, filmmakers, animation producers and other industry creatives meet up and exchange ideas. Xpop allows them to communicate within the same ecosystem, which is powered by blockchain technology. Such an approach can lead to new creative-thinking processes.
The entertainment sector can accommodate a wide range of creators and ideas, each requiring its own approach and unique touches. Now that content is becoming increasingly digital, artists and creators need the infrastructure to fulfill their vision. To achieve this goal, Xpop leverages smart contracts to modernize the digital content industry. As one of the first steps, support will go out to K-pop artists interacting with their communities and interconnecting with one another.
Powering the Xpop project is the proprietary XDP protocol built on Polkadot technology. Rather than focusing on one blockchain, the XDP protocol can communicate with multiple chains and networks.
Choosing Polkadot for this service was simple: The technology provides a blockchain architecture designed to be interchangeable with customized side-chains to connect with major public blockchains. This applies to existing blockchains, as well as chains to be built in the future. Transactions and payments on the network are settled through Polkadot’s native algorithm.
Xpop supports the creation of nonfungible tokens to guarantee ownership of digital content through its rapid block processing capability. This solution applies to any digital content containing music, webtoon, digital art, video, games, etc.
Creators of decentralized applications on the Xpop blockchain network can set up their own businesses by verifying the ownership and copyright of their digital content. The copyright of digital content is tied to the authentic ownership of an NFT.
NFTs are a particular type of cryptographic token representing something unique, preventing them from being mutually interchangeable. This is a new era for NFT technology, as one can use it to create verifiable digital scarcity, as well as offer ownership over digital content. With Polkadot’s technology, Xpop hopes to achieve asset interoperability across multiple platforms.
When distributing the creative works — such as a music source, webtoon, graphic design, game items or otherwise — among DApp users on the Xpop blockchain, owners have their ownership recorded in a specific smart contract.
This gives way to tokenizing authenticated, single-edition digital work on the Xpop blockchain while preventing forgery and providing an immutable record. This immutability benefits content creators, collectors, content owners and marketplace operators. For those who are unaware, Xpop consists of multiple services: a market, wallet, social media services, an SDK and APIs aiming to empower content creators worldwide.
Digital content marketplaces have noted an increasing rate of success recently. One example is how K-pop has shone with BTS, or the Bangtan Boys, breaking records and the reception to Blackpink’s massive hits. The industry still has lots of room for competition and innovation.
It is the first time a digital content platform taps NFT utilization on a larger scale. The Xpop team wants to target the global music industry, webtoons, games and others. After noting initial success in South Korea, the team wants to expand its reach to other regions gradually.
Joshua Lee, CEO of Xpop, said:
“Blockchain technology can build much innovative digital service in the entertainment field, and Xpop is preparing a blockchain service that allows artists to lead engagement with more fans and grow with each other. Xpop has built more than 200 partnerships with music artists, and more than 70 webtoon artists will soon participate in the service. Our ecosystem can greatly help new artists grow into global stars, and it will become a global entertainment platform with more than 1 million users by 2022.”
For this project to succeed, the team will enhance its due diligence process by partnering with leading technology and business firms that share Xpop’s vision of establishing best practices in the content market.