5. Challenges and Solutions by GET
Last updated
Last updated
GET is a token economy designed to address the fundamental challenges facing the entertainment industry.
This section provides a detail explanation of how GET offers solutions to these challenges from the following three perspectives.
In today’s entertainment industry, film, music, anime, and idol culture require significant upfront investment, which large corporations or capital investors typically provide. As a result, a substantial portion of the revenue flows back to these capital providers, even though creators and fans play a critical role in a project’s success.
This centralized model favors well-funded projects, making it challenging for new artists and small-scale projects that take innovative and creative risks to enter the market.
GET transforms the capital-driven model by enabling fans and supporters share the initial investment in projects through tokens. The collected funds are then used to help creators and projects launch successfully.
This decentralized funding approach reduces reliance on capitalists, allowing projects to succeed based on the voices of fans and the community. As a result, it is expected to bring more diverse and creative projects to the market. Furthermore, by holding tokens, fans are designed to share in the benefits of active engagement to the projects, such as receiving rewards and perks, and the token value growth aligned with the expansion of the token economy.
This approach enables not only creators but also fans to share in the economic success, enhancing their motivation to contribute to the overall success of the project.
In the Web2 entertainment model, there has been a challenge where fans' voices rarely reach projects and creators. Fans are limited to consuming content, with few opportunities to participate in decision-making processes. As a result, there is a gap between fans and creators, where fans’ enthusiasm does not directly contribute to the creators’ success.
GET introduces a system that where fans, as token holders, can directly participate in project selection and decision-making.
For example, fans can vote on critical decisions, such as which projects to launch or how to proceed promotion.
This system transforms fans from mere spectators into active players who directly influence the success of the project, stipulating the entire entertainment industry. Additionally, fan engagement through tokens helps distribute project risks and increases the likelihood of success.
In the traditional entertainment industry, creators have limited ways of ganarate revenue, with many relying on complex models involving intermediaries. As a result, the earnings that reach creators are often minimal. Monetization has been a significant challenge, particularly for small-scale creators and emerging artists who lack access to major platforms.
GET offers a new revenue model that enables creators to receive direct support from fans through tokens. This enables creators to sell their work as NFTs or offer content with additional perks in exchange for tokens. Fans, in turn, can receive perks related to works or events through tokens, establishing mutual benefits for both parties.
This system enables creators to earn revenue directly from fans without relying on intermediaries, facilitating sustainable creative activities. Notably, by leveraging Web3 technology, creators gain access to global markets, making it easier to connect with a broader audience of fans.
In the traditional entertainment industry, revenues are concentrated in the hands of large companies, creating difficulties in introducing new technologies such as Web3 and Metaverse. Additionally, the lack of clarity on how existing companies and creators adapt to new technologies has become a factor delaying digitization of the entertainment industry.
GET collaborates with the existing entertainment industry to serve as a common currency for adopting Web3 and Metaverse technologies. This common currency provides new monetization opportunities for existing platforms and major companies while creating a transparent and fair ecosystem that does not rely on a centralized model.
Without disrupting existing interests, GET aims to grow the entire entertainment market by delivering mutual benefits to both creators and fans. Furthermore, as new technologies are adopted, innovative business models emerge for existing companies and platforms, driving innovation within the entire entertainment industry.
