Blockchain technology is all about removing the middleman from processes by establishing peer-to-peer relationships. Bitcoin has achieved this for currency in its most basic form, allowing value to be transacted and managed with no centralized party, with transactions being kept in a decentralized ledger.
However, different use-cases for the technology are now emerging and seeping into different industries like finance, real estate, and entertainment.
Non Fungible Tokens (NFTs) are an example of a novel use case for blockchain technology. They can represent a multitude of digital and physical assets. These include art, in-game items, real-estate, and now, even tokenized experiences, thanks to the advent of the xNFTs.
Olyseum – NFTing fandom interaction
Olyseum is a social ecosystem that aims to connect influencers with their followers directly through the use of NFT technology. To do so, Olyseum proposes a new breed of experiential NFTs, the xNFT.
xNFTs are NFTs with an extra layer of value. They are created by the celebrities themselves and they allow fans to live experiences with the stars themselves, to monetize this engagement on the open market, or to share them with other fans by renting these experiences to others.
The user can play games on the platform to earn rewards and complete collections of xNFTs to earn their experiences. As so, there is an element of luck associated with the platform to ensure that everyone has a chance of accessing the most valuable xNFTs through Mystery Cards.
When a user becomes a holder of a prized xNFT, he can then claim the experience by connecting their wallet in which the xNFT is held to the platform, allowing him to have interactions with his favorite celebrities.
As so, Olyseum provides an immutable tokenized version of the traditional “meet-and-greet” system, allowing it to become an asset and expanding the potential of the experience.
New star-fan engagement experiences
xNFTs come in different shapes and sizes and they differ in their value according to the magnitude of the experience. The more personal and up-close the experience is with the star, the more valuable the xNFT will be. These are divided into three categories:
Direct Involvement xNFTs in which the fans get to meet their favorite stars in person through events like exclusive dinners, photo sessions, and sports activities. Then, there are
Virtual Involvement xNFTs that include online video calls, virtual congratulations, and
online video game matches.
Lastly, there are Personalized Physical Goods. These are physical xNFTs that can be acquired from the Olyseum store. Examples include a signed piece of merchandise, a signed picture or poster, or a book with a personalized dedication.
A new world of fandom interaction
The Olyseum platform is leveraging blockchain technology to completely revolutionize the way fans interact with their favorite stars, bringing new experiences to life and allowing for fans to monetize their engagement with stars. It is shifting the traditional concept of fandom where the fans used to spend money to interact with the celebrities, instead of being rewarded for their commitment.
Post source: How blockchain-authenticated experiences are bridging the celebrity-fan divide