Crit Ventures USA, the US corporation of venture capital firm Crit Ventures CEO Song Jae-jun, announced that it has made a strategic investment in Kai Xu, COO of Meet48, a web3-based fan economy platform.
M48 is a decentralized fandom platform powered by blockchain and AI technologies, allowing fans to participate in the entire management process, from the creation of virtual idols to performances, broadcasts, and communication. Through a fan-participatory idol development structure, M48 is establishing a fan economy model distinct from existing industries.
The existing idol industry has been criticized for its structure, which concentrates decision-making power in the hands of a small number of agencies, limiting fan participation. M48 stands out for creating an environment within the Web3 ecosystem where fans can directly participate in the management of idol activities.
Within the platform, users are granted ownership rights based on digital assets, such as merchandise and voting rights, issued by their favorite idols in the form of NFTs. This allows them to participate in the idol's overall growth process while also receiving rewards for their fandom activities.
Crit Ventures explained that it decided to invest in M48 because it highly evaluated its operational experience accumulated over 11 years of managing idol groups in China and its active fandom ecosystem based on over 24,000 pieces of accumulated fan-created content.
Through this investment, M48 plans to onboard popular idol groups from key Asian regions, including Southeast Asia, Taiwan, Hong Kong, and Japan, to its platform. Furthermore, the company plans to enhance virtual idol creation and operation functions and fan engagement systems, expand its business areas, and host online and offline concerts featuring real and virtual idols, as well as expand new content based on games and the metaverse.
COO Kai Xu stated that this investment validates the market potential of a fan economy model that combines Web3 and AI technologies. He went on to announce plans to grow into a next-generation entertainment infrastructure through a fandom model encompassing both real-life and virtual idols.
A representative from Crit Ventures evaluated M48 as a platform that implements a structure in the Web3 environment that strengthens a sense of belonging by allowing fans to participate in the entire growth process of an idol group. They also announced that they will continue to expand their investment in companies with growth potential in the cultural content industry.
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