The Blockchain technology is definitely the next big thing in the digital world future. It has been gaining much momentum in past few years, giving motivation to start-ups to come up with unique platforms. STAYGE, a Korean company, has launched a vertical blockchain platform designed specially based on the entertainment industry. It works as a fan community platform awarding fans as they support their beloved artists.
Rewarding Fans, Motivating Artists
STAYGE is an entertainment ecosystem, which gives tokens to fans based on their contribution. Fans can use their tokens to purchase artists’ albums, event tickets, mobile games, various content and much more. The artist and service provider companies can utilise the fans contributions to develop their business further.
The token economy of STAYGE Network consists mainly of ACT or Community Activity Token and STG or STAYGE Token. ACT is issued for each community and can be used within the community, and STG connects each community with ACT economy and is exchangeable on the exchange.
The activities of the fans are recorded on the blockchain and rewarded with ACT depending on their contribution. The fan can be recognised as a royal fan or other fan based on the amount of ACT they possess. Fans can also start projects for artists or support other projects with STG and ACT funding.
“In the STAYGE network, fan activity will be fairly evaluated as a blockchain, and will be materialised through a cryptographic closed stage token (STG). The recorded data provides a sustainable fan marketing tool for artists and entertainment industry stakeholders. I plan to expand the partnership with various businesses in the entertainment industry through the ICO project,” STAYGE Labs CEO Michael Baeg had said in an earlier interview to media.
STAYGE converts the intangible fan activities into the tangible values for the sustainable entertainment ecosystem.
Currently STAYGE Network is in process of pre-sell for general investors and would do public sale soon. The company is developing the first DApp of the STAYGE Network, the Global Fan Community. In next two years the company plans to get in to ticketing, goods commerce, fan-driven crowdfunding, and goods market place.
With the STAYGE ecosystem, the activities of Fandom, which were earlier treated as intangible value, are categorised into practical values through the use of cryptography. The Entertainment Tech start-up was primarily established to build a blockchain-based network that is a win-win platform for artists and fans.