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Fandom power might change blockchain ecosystem, experts say


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Hybe America President Jason Jaesang Lee speaks at the 2022 UDC held in Busan on Friday. (Dunamu)

BUSAN — Blockchain industry leaders seeking to merge entertainment with technology are looking closely to the power of fandoms, believing that it could reshape the ecosystem, according to speakers at the 2022 Upbit Developer Conference said Friday.

“Hybe’s business model is based on fans promoting artists,” Hybe America President Jason Jaesang Lee said during the second day of this year’s conference held in Busan.

“Fans becoming promoters for our artists is a powerful gross factor. Now is the right time to implement fandom into the blockchain industry,” he added.

To resolve the blockchain industry’s ongoing difficulties with scalability, the industry and platforms must “co-evolve with users,” Lee explained. The key is to utilize the “concept of ownership,” which is giving full data ownership to users instead of the current system, in which platforms and service providers hold the actual ownership.

Decentralized application or dApp should be used in helping users…

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