Livestreaming is a big business. In 2016 it was worth more than $ 30 billion and is expected to double by 2021 to reach $ 70 billion.
A platform-independent ecosystem that quantifies and captures social media contributions, FanX International has now launched its platform that rewards users and content providers with FanX tokens.
FanX is managed by FanX International Pte Ltd, a large data analysis and AI technology platform specializing in the collection, analysis and quantification of social media operating trends, community engagement and supplier profitability of content on social media and on all livestreaming platforms.
"With local partners, FanX currently covers 29 of the largest livestreaming platforms in China and Korea, serving more than 300 million viewers (more than 95% of the livestreaming viewing population)" The committee member told me FanX guide, Feng Shen. "The most important platforms under our coverage are YY, Huya, Douyu, Inke, Kakao Live, AfreecaTV and more.We also have an Open Broadcasting Software (" OBS ", a real-time production software that can connect to any livestream platform under FanX coverage) which targets 1 million most popular live broadcasters. "
FanX & # 39; The mission is to change the way platform users are rewarded. The company says that livestreaming platforms, in particular, allow content providers to receive a small share of earnings, but platform users receive nothing. With FanX, users are adequately rewarded for the time and money they spend engaging, contributing, and trafficking to any platform.
"Using big data and AI technology, FanX is able to track all forms of social involvement on livestreaming platforms and with blockchain can establish ownership of such social engagement data with users and reward them based on levels of resources invested, time spent and content created, "said Shen. "In addition, FanX has created many use cases for users to spend their premiums on the purchase of digital content and personalized services from their favorite broadcasters."
The FanX reward system distributes FanX tokens to users and content providers based on KPIs and activities that represent social transactions. This is done via the dApp wallet FanX, which, when activated by the user, tracks their activity and automatically calculates their rewards on multiple social media platforms. Cryptocurrency is also a means of storing and transferring the value that is captured through the time spent, the resources invested, the common activities and the computational power consumed by content providers and users.
"In version 1.0 of the FanX dApp, users and visitors can & # 39; minus & # 39; for FanX tokens by continuing their existing habits on the livestreaming platforms," said Shen. "They just have to link their livestreaming accounts to the FanX accounts and continue their existing activities on the livestreaming platforms and automatically receive FanX tokens.These activities include … accesses, chats, gifts, likes and more."
FanX promises that the next version of its dApp will further extend this functionality.
"In version 2.0 of the dApp, which will be launched by the end of the year, users can then use tokens to purchase a personalized and unique social commitment with their favorite TV stations in the form of digital content and services or participate in community-level activities and events, such as games, concerts, meetups and more, "said Shen.
FanX, however, is more like a non-profit organization than a profit corporation.
"The goal of the FanX Foundation is to create an ecosystem that empowers global fan communities by rewarding social interactions and facilitating deeper engagement," said Shen. "FanX Foundation is a non-profit research but will maintain healthy development and proliferation of the ecosystem through crypto-economic tools." FanX International, the technology provider, will charge a minimum cost of listing and exchange, which ensures daily operation and maintenance of the FanX ecosystem. "
So, what will happen to FanX?
"FanX aims to make clearer all forms of digital municipal engagement to unlock its immense values and redistribute these values to communities on a global scale," said Shen. "It will start with social media and livestreaming and will selectively expand coverage to other vertical industries, such as esports, sports, online education and celebrity fan management, for the benefit of billions of people from all walks of life. of each will be based on their contributions in their communities, transparent and fair. "
Because the platform is based on blockchain technology, it could be seen, like many others, as a vaporware solution. But Shen is ready to explain that FanX is real and working.
"Vision is not an unrealizable dream, but rather generated by the beliefs and the profound understanding of the FanX team in the ideology and blockchain skills, together with the experiences of adaptation of the real world through the creation of unicorns", called Shen. "Running, the FanX team built the technological backbone that covers 29 live streaming platforms, 30 million broadcast rooms, 300 million users and 1 million broadcasters, and the FanX team designed cheap encrypted and decentralized applications that will ensure the adoption and gradual transition of people into the new economy. "