Digital Economies For Talent Management Firms
BitFans not only caters to individuals, but also to various organizations and businesses as well. Particularly, we are looking at talent management agencies as one of our primary use cases for Community Tokens. There are tons of talented individuals out there, and the role of agencies is to help craft their brand and narrative in their specific industry. This in turn helps them generate various opportunities for artists under their brand.
For medium to large scale artists, communities of supporters already exist. However we find that they are housed on different platforms such as online forums, comment threads, social media groups, and so on. What BitFans can offer is the opportunity for agencies to gain direct access to their most passionate fan bases with the use of community tokens on our platform.
What are community tokens?
Community tokens are opening a new route for agencies to build and incentivize supporters of their talent through a digital token that can be used within their ecosystem to access exclusive perks, discounts, and merchandise. Agencies have the ability to create tokens for each individual talent or even create a token representing the entire agency. This burgeoning industry offers a new type of social capital in which several touchpoints could be covered under just one platform.
A sense of collective ownership and either implicit or explicit rewards for contributing to its development are the foundations of a well-functioning community. The benefits of being a part of a community are numerous. Ultimately, it’s a way to tap into the collective strength of a group of people to generate a surplus of advantages that members may use as required. We’ve all benefited from “community” — it’s ingrained in our education systems, sports leagues, affinity organizations, religious connections, and social services; it’s woven into our society’s fabric. The advantages received by each member are never completely equal, but it still serves its function as a sort of social insurance that we all want to have, and we don’t mind if it slips. We think of communities as a kind of societal safety net.
Examples of TMAs leveraging Tokenization
JYP Entertainment, which represents famous K-pop groups including TWICE, DAY6, and ITZY, has entered the blockchain industry through a strategic partnership with Dunamu, the operator of the worldwide cryptocurrency exchange Upbit. The partnership entails creating NFT-based digital goods featuring their talent and additional services such as online shopping and trading. Dunamu purchased JYP Entertainment’s previous shares and the two companies decided to form a joint venture.
For the joint venture, JYP will supply intellectual property linked to its musicians. Last month, the entertainment company spent 21.3 billion on acquiring a 23.3% stake in DearU, a subsidiary of SM Entertainment that operates a fandom-based platform known as “bubble”. While developing a future-oriented entertainment business, the firm expects its artists to engage with their fans more frequently on the channel. JYP Entertainment is following in the footsteps of Hybe and SM Entertainment, who have previously launched their own platform companies to diversify revenue streams. As part of the two agencies’ continuous development of the mobile platform “DearU bubble”: JYP Entertainment purchased shares in SM Entertainment’s DearU.
Benefits Of Community Tokens for TMAs
Community Tokens leverage the fungible aspect of tokenization. Beyond collectibles, we are looking at enabling these firms to establish their own digital economies. Unlike large platforms that take a considerable amount of commission from their earnings, BitFans gives firms the freedom to create new value streams without having to worry about creative restrictions. Our goal is to ensure that your talent’s fans are not only able to connect with the talent themselves but also with one another.
The dynamic between fans and artists will shift, putting fans on an equal footing with their favorite artists and fostering a much-needed sense of community in which both collaborate to build a new digital economy.
Fans can receive a token as a sign of their support, which they may use to gain access to unique materials, experiences, and communities from their favorite artists. Artists may exchange goods and services using these tokens, which allows all parties involved to benefit from the development and success of the agency’s BitFans ecosystem.
Brands and agencies may be able to open new revenue options early on in their journey to success by using community tokens. They can provide access to exclusive channels of communication with their artists, create unique experiences and campaigns, and even design unique incentives such as getting early access to new albums or content by having a certain amount of token holdings.
As the ecosystem grows, these agencies will gain access to more resources. This in turn will create a network effect that will help aid them in their growth. Fans could use tokens to avail of perks, while management firms could continuously design brand new incentives and test out engagement methods for their community such as creating a special ‘superfan pass’ which could include benefits like fan calls for a certain number of times, signed merchandise, concert tickets, and so on. The possibilities are endless on the BitFans platform.
Built on the concept of ownership, it offers a clear win-win situation for both talent management firms and their passionate community members. It gives all stakeholders incentives to grow and improve since the community benefits from their success as well. This helps them expand their reach or perhaps even discover other brands and talent to work with by leveraging special campaigns centered around the community tokens.