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How does Vidyx 2.0 use fan tokens and NFT to create a new paradigm of on-chain fan economy

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Vidyx, the world's largest blockchain video incentivizator, released a white paper and roadmap for Vidyx 2.0 on June 19, officially entering the field of fan tokens and NFT.

Vidyx will create an on-chain interaction platform that connects brand owners and fan groups. Through fan tokens and its native tokens, three application scenarios of task motivation, fan governance and surrounding NFT fans will be opened up, thus promoting the formation of a new paradigm of on-chain fan economy.

Why do brands need to go onchain?

Under the traditional fan economy background, there is no effective interaction with the brand, and even unofficial third parties (such as station sister, scalpers, etc.) take advantage of the information difference to seek improper interests. For brands and advertisers, there are significant costs involved in reaching the target audience and keeping users engaged. Vidyx uses blockchain technology to link the brand as a whole, and utilizes fan tokens and native tokens to closely combine the interests of brand owners, advertisers and fans, creating a new fan economy system with a win-win situation among three parties.

How does Vidyx achieve on-chain branding?

The Vidyx ecosystem consists of two major parts, including a blockchain video streaming solution around token incentives, and a blockchain platform based on fan token + NFT for deep fan engagement.

Blockchain rewards the ecosystem

Through the built-in NLP protocol and video embed layer technology, the video incentive system provided by Vidyx has been used by more than 50 global Media companies such as CNN, CNBC, VOGUE, Esquire and Hearst Media China, with a total exposure of over 150 million. Is the world's largest blockchain rewards ecosystem. Fans can obtain corresponding token incentives through simple operations such as clicking and reading, which greatly reduces the entry threshold for users to enter the Vidyx ecosystem, thus bringing more offline fan groups into the Vidyx ecosystem.

Blockchain platform based on Brand Token + NFT

The one-stop platform based on Brand Token + NFT developed by Vidyx mainly meets the needs of the following three scenarios: fan Token issuance and transaction, fan governance and Brand NFT fan surrounding.

Fan Token Issuance and Trading :& NBSP;Vidyx provides technical support for the issuance and transaction of fan tokens. Brands can issue their own Brand tokens on the Launchpad platform of Vidyx. The initial offering price of fan tokens will be anchor to Vidyx, and the probability of winning will be randomly assigned by the smart contract algorithm. Users can participate in the lottery by pledging Vidyx to a smart contract, or they can make purchases and trades on the decentralized trading platform Vidyx Swp after the initial token offering (BTO).

Fan management:Fans who hold fan tokens will have the right to govern brand matters, including but not limited to votes on proposals initiated by brand parties, votes on proposals initiated by fans and funding matters.

NFT fans surrounding:Brands can issue officially endorsed NFT fans on Vidyx-developed NFT marketplaces and sell them exclusively to users with fan tokens. Brands can also grant NFT fans other unique rights around them, such as exchange tickets for offline activities, limited peripheral products, etc., to open up the interaction channel between the on-chain and off-chain.

VIDYX WalletIt will serve as a gateway to connect the above functions, providing a fast and smooth user experience in the form of dApps, and the fairness and transparency of all operations guaranteed by blockchain.

Vidyx actual use cases

With a wide range of partnerships, Vidyx has expanded its footprint into the fashion, entertainment, and competitive industries. Vidyx provides various specific solutions to meet the different needs of brands and fans in different industries.

Entertainment industry:By issuing personal fan tokens to bring celebrities closer to their fans, celebrities can publish exclusive NFT fan lines, such as pictures, videos, singles, etc., or by launching events such as "Where's the next tour?" And so on to effectively interact with fans.

Traditional sports and e-sports industries:Fan tokens will replace traditional fee models such as paid membership or season passes. By combining traditional tickets, peripherals, etc., with on-chain assets, fan tokens will enhance the sense of belonging of fans, thus improving the opportunities for currency conversion.

FMCG and luxury goods industry:Fan tokens will replace the traditional membership points system, allowing brands to grant token holders exclusive discounts, enhance fans' power to participate in brand sales strategies, and so on, thereby increasing customer loyalty and retention.

Team and development roadmap

Founded in 2016, Vidyx is a San Francisco-based video networking technology company founded by Harvard-educated Patrick Colangelo and Matthew Lim, formerly of Credit Suisse. Since 2018, Vidyx has integrated blockchain technology into its ecosystem, enabling the distributed economic reward model to be widely used among partners. In 2021, Vidyx will usher in a major update and upgrade. In addition to continuing to develop the original video incentive ecology, Vidyx will set foot in the NFT industry and build the on-chain fan economic paradigm of Brand Token + NFT model.

At present, Vidyx has deployed the token Vidyx on the Binance smart chain. Later, Vidyx will develop decentralized applications based on the Binance smart chain, such as Vidyx wallet, Vidyx Swap, Vidyx Launchpad, NFT fan peripheral and so on. In the later stage, cross-chain asset bridge technology will be used to access more public chain ecology and meta-universe world.

Vidyx Partners

Since the inception of the project in 2016, Vidyx has established commercial partnerships with more than 50 media companies and offline stores around the world, such as CNN, CNBC, Vogue, etc., creating rich usage scenarios for Vidyx tokens.

In the first quarter of 2021, Vidyx officially entered the NFT track and reached cooperation with eStar Pro, Tokidoki and many other popular IP in the e-sports and entertainment industry to jointly explore the practical application of blockchain in fan economy and NFT.

On April 13, 2021, Binant, one of the world's leading cryptocurrency exchanges with over 50 million users, confirmed joining Vidyx as the publisher of Vogue, Esquire, Robb Report and Buro in Singapore & NBSP; Media Publishares The joint development of the blockchain NFT platform, together to create a new NFT platform for the fashion, art and music industries.

Looking forward to

Brand on-chain is the cornerstone of Vidyx's ecological development. Thanks to the support of strong business partners, Vidyx has successfully used blockchain technology to build the world's largest blockchain reward ecosystem. With Binance, Media Publishares& NBSP; The new model of Brand Token + NFT created by Vidyx is expected to promote the explosive growth of fans economy on the chain.