Animoca Brands Japan and Giants Forge Alliance to Revolutionize Loyalty Programs with Web3 Innovation

Animoca Brands Japan, a strategic subsidiary of Hong Kong’s Animoca Brands known for substantial investments in the Web3 space, announced on May 29th a collaboration with Mitsui & Co., Nippon Columbia, and entertainment production company A-List Entertainment. This partnership aims to initiate a Proof of Concept (PoC) for a novel loyalty program leveraging Web3 technology.

The PoC addresses current concerns in fan engagement activities, known as “oshi activities” in Japan. According to the release, these activities are predominantly one-sided, relying on fans’ voluntary actions with minimal rewards in return.

The new loyalty program seeks to diversify revenue streams by visualizing fans’ “oshi activities” data, previously uncollected, thus enabling promoters and artists’ agencies to tailor content and digital item sales, such as NFTs, based on fan activity levels. Moreover, it aims to reward fans with experiences and rewards proportionate to their level of support.

The PoC will coincide with a live event on June 4th by the dance vocal group IVVY, marking the first step towards practical application. It will test the feasibility of implementing a Web3-based loyalty program. Specifically, it will visualize fans’ non-monetary actions, such as social media engagement and streaming, alongside monetary actions like merchandise purchases. Additionally, it will integrate external data such as fan club membership duration and issue non-transferable NFTs, known as Soulbound Tokens (SBT), to verify these actions. Based on SBT information, exclusive experiences and content will be offered.

The upcoming live event on the 4th is set to be a significant milestone, potentially establishing this initiative as a powerful use case for Web3 technology in the entertainment industry.

Source: Coindesk Japan