Fautor is strong because it has experience in this area.
It is hard to apply in practice.
Many agree that combining the creator-fan economy and Web 3.0 philosophy is promising. However, there are reasons why many projects fail quickly, such as:
Creators find it challenging to understand blockchain economy systems.
Creators fear losing fans through new attempts.
The majority of fans are not familiar with blockchain interfaces.
Therefore, blockchain projects that promote a creator-fan economy are logically valid, but many challenging aspects exist to apply in practice. While watching Fantrie operation, Fautor team realized that it would not be easy to create a case using blockchain due to the characteristics of creators and fan trends. In particular, seeing major projects shutting down made us conclude that this business could not be implemented hastily, so we had to lead the project cautiously.
We made our own rules.
We came up with the following principles for resolution:
Preserve the primary mechanism of the entertainment business.
Provide blockchain technology to creators and fans seamlessly.
Minimize legal factors to consider other than blockchain technology.
Based on these principles, Fautor created a system where creators can issue NFTs, and fans can purchase them. As a result, more than 100 mints occur daily, and fans buy more than 98% of the tokens issued. The cumulative minting amount has exceeded 50,000.
While adhering to these principles, we want to expand with the following features using blockchain:
Provide a secondary trading function within the Fantrie platform.
Activate a function for creators and fans to manage NFTs.
We are slow but careful.
Fautor's project may be progressing slowly, but we are not idle. We want to understand accurately the characteristics of creators and fans to move forward.