Exploring VIDYX, a blockchain platform for fan engagement based on Brand Token + NFT

The VIDYX ecosystem is divided into two sections: a blockchain-powered advertising incentive system and a blockchain platform for fan engagement based on Brand Token + NFT.

Introduction 

In the conventional fan economy, fans simply behave as passive receivers, rather than interacting with companies and exerting influence. The divide between companies and fans allows scalpers to profit from the fan advantages that brands generate and are meant to go to fans. Brands and marketers must pay a significant price to reach the correct target demographic and keep users. 

VIDYX leverages blockchain technology to bring the entire brand onto the blockchain and uses $VIDYX to align the interests and share value of the brand, marketers, and fans, resulting in a better approach for fan interaction.

Blockchain Rewards Ecosystem

VIDYX is backed by the video reward system provided by Vidy, with built-in NLP protocol and video embedding layer technology, has been used by more than 50 global media publishers, including CNN, CNBC, Vogue, Esquire, and Hearst Media China, with total exposure exceeding 150 million, making it the world’s largest blockchain reward ecosystem. Fans may obtain the equivalent token incentives by clicking, watching, and doing other basic actions, lowering the entrance barrier for new users to enter the VIDYX ecosystem and bringing more offline fan communities into the VIDYX ecosystem.

Brand Token + NFT based blockchain platform

VIDYX is creating a one-stop platform based on Brand Token + NFT to satisfy the demands of three primary cases: brand token offering and exchange, fan governance, and brand NFT merchant.

Brand Token Offering and Swap

VIDYX offers technical assistance for Brand Token Offering and Swap. Brands can issue their own Brand Token on the VIDYX Launchpad platform, and the initial offering price of the Brand Token will be anchored with VIDYX, and the winning probability will be randomly assigned by smart contract algorithm, and users can participate in the lottery by depositing VIDYX to the smart contract or buying and swapping in the decentralized exchange platform VIDYX Swap after the initial token sale (BTO).

Fan Governance

The exclusive governance rights of a Brand to Brand token holders, including but not limited to voting on brand proposals, voting and funding of fan-initiated ideas, and so on.

Brand NFT Merchant

In the VIDYX-developed NFT Marketplace, brands can issue legally sanctioned NFT collectibles that are only available to brand token holders. Brands may also offer their NFTs other unique privileges, such as the ability to redeem offline event tickets, limited peripheral items, and so on, linking the on-chain and off-chain engagement channels.

The VIDYX Wallet will act as a gateway to the aforementioned functions, offering a quick and seamless user experience in the form of a DAPP, while the blockchain will ensure the fairness and transparency of all activities.

VIDYX Practical Use Cases

VIDYX has grown into the fashion, entertainment, and e-sports industries through a variety of collaborations. Therefore, VIDYX offers a number of tailored solutions to meet the demands of brands and fans in many sectors.

Entertainment

Celebrities may release unique NFT collections, such as photos, movies, songs, and so on, and effectively connect with followers by voting on questions such as “Where will the next concert be?” by releasing personal brand tokens. ”.

Traditional sports and eSport industry

Brand tokens will replace conventional payment methods like paid membership or season access tickets, and will increase fan belonging by integrating traditional tickets, peripherals, and so on with on-chain digital assets, boosting the possibility of monetisation.

FMCG and luxury industry

Brand tokens will replace the conventional loyalty point system, and businesses will be able to provide token holders unique discounts, increase fans’ engagement in brand sales strategy decision-making, and so on, improving consumer loyalty and retention.

Roadmap

VIDYX is developed by Vidy, a San Francisco-based video web tech start-up launched in 2016, was created by Harvard Undergrad Patrick Colangelo and former Credit Suisse Investment Banker Matthew Lim. Vidy began to bring blockchain technology into its platform in 2018 in order to enable a decentralized incentive system to function smoothly among its publishing partners. VIDYX will undergo a significant update and upgrade in 2021, in addition to continuing to build the original video incentive ecosystem, VIDYX will enter the NFT sector to establish a Brand Token + NFT. With the Brand Token + NFT concept, VIDYX will enter the NFT sector and build a paradigm of on-chain fan economy.

At the moment, VIDYX’s token $VIDYX will be available on the Binance Smart Chain. VIDYX will create VIDYX Wallet, VIDYX Swap, VIDYX Launchpad, NFT Marketplace, and other decentralized apps based on the Binance Smart Chain in the future, and will utilize multi-asset supporting bridge technology to access additional public chain ecologies and metaverse.

Source : bscdaily

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