Executive Summary Of MetaBeat Platform And MetaBeat Token
The MetaBeat Platform is a fan community platform for entertainment (primarily K-Pop). Users may join fan communities created on the Platform in support of selected artists or particular entertainment products (for example, a particular concert tour, album, etc.). These fan communities are created by MetaBeat on the Platform, based on certain NFTs that are linked to the musical contents, mainly K-pop, owned/licensed by MetaBeat. Users can link their social media accounts to the Platform and post contents on the Platform. All users (regardless of whether they own or stake NFTs and/or Tokens) are able to participate in these social communities, for example, by sharing contents.
The Platform has the following main services as described below:
NFT sales (“Drops”)
MetaBeat will (in collaboration with artists or otherwise) create and sell NFTs for Tokens through the Platform. Such NFTs may have specific rights attached to them such as concert tickets, backstage passes, entitling the holder to receive a souvenir from the artists, etc. The Platform may also hold and promote auction events on specific NFT releases from time to time.
A user who holds such NFTs (“Community NFTs”) is entitled to receive rewards (in the form of more Tokens) calculated on the basis of a “FANomance Index” (as described further below For the avoidance of doubt, NFTs other than the forementioned Community NFTs are not attached with receiving of such rewards.
The Platform will also provide a platform for users to mint their own NFTs.
The Platform provides a marketplace that facilitates sale, purchase, exchange and collection of the abovementioned NFTs (both Community NFTs and other NFTs) on a peer-to-peer basis amongst users of the Platform for Tokens.
MINGLE service (“Mingle”)
Mingle is a service which allows users to “stake” Tokens in one or more smart contracts, each called a “Mingle”. “Stake” in this context refers to committing the Tokens at a specified location for purpose to support a specific fan community around a music content (for example, the latest album release of a K-pop group). There is no minimum commitment period. Users who stake Tokens in such manner are entitled to receive rewards (in the form of more Tokens) calculated on the basis of the “FANomance Index”.
The Tokens staked by the users are for the purposes of locking in tokens for governance and to increase the overall demand for Tokens in the market, and are not used, pooled, and monetized for any purpose while staked.
SHOUT OUT promotional activities (“Shout Out”)
Shout Out is the social component of the Platform as described above. Users are awarded Tokens for posting social contents on Shout Out, based on view and like counts.
The FANomance Index and Token Rewards
The FANomance Index is a formula used by MetaBeat to determine the level of Tokens to be rewarded to a particular user. The FANomance Index takes into account factors such as:
the
the overall social media footprint of that relevant music content both on and off the Platform (using data tracked by MetaBeat);
the user’s own contributions to the social media footprint of that relevant music content as tracked by MetaBeat (for example, active participation on social media where the user’s account on the Platform is linked to); and
the amount of Tokens staked or Community NFTs held by that particular user.
A music content may have a number of Mingles and Community NFTs associated with it. Generally, holding a Community NFT will entitle a user to greater rewards compared to staking Tokens under a Mingle.
Simply holding Tokens does not automatically entitle the holder to periodic returns. They would have to first stake these Tokens in a Mingle of their choice, or purchase and hold Community NFTs.
The Tokens to be awarded to users who hold Community NFTs, stake Tokens under Mingle, or who produce social contents under Shout Out are set aside from MetaBeat’s own pool of Tokens reserved for its treasury and marketing purposes.
In support of the above functions:
MetaBeat will issue the Token; and
MetaBeat will provide a virtual wallet that can hold the Tokens and NFTs created on the Platform.
Use cases of the Token:
the Token can be used to purchase NFTs on the Platform;
the Token is used for transaction fees on the Platform (e.g. when buying, selling, or minting NFTs including Community NFTs),
the Token entitles users to vote on various community governance decisions.
the Token can be staked to a particular Mingle on the Platform for rewards via the Mingle service (as described above); and
the Token can be listed on and tradable on cryptocurrency exchanges.
Tokens are obtained through the following means:
purchased from third-party cryptocurrency exchanges;
obtained as rewards from staking tokens under the Mingle service or holding Community NFTs; obtained as rewards from carrying out Shout Out activities (regardless of whether the user owns any Tokens), or obtained from selling NFTs (both Community NFTs and non-Community NFTs) on the Platform.
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