Non-fungible tokens have been on everyone’s mind recently. NFTs are transforming the art industry, and have been a game-changing technology in the gaming industry, with millions of slots of virtual land on the Decentraland metaverse, NFTs have been all over the news lately. In 2021 alone, NFT sales have reached $2.5 billion in value.
Diving into its essence, an NFT is a unique code on a blockchain that describes the authentic attributes of a particular element. As the borders between the digital and analog worlds blur, how can these binary constructs interact and manifest in human life?
Swiss-based company Olyseum sees broader perspectives for NFTs, not only for encoding data, but also for being a defining element of human relations, particularly as a connection between fans and their idols.
In an exclusive interview with DailyCoin, Carlos Grenoir, CEO and co-founder of Olyseum, shared his thoughts on expanding the prospects of NFTs.
With the saturated sphere of marketing, real-life engagement, tailored experiences, and memorable moments becoming more in demand from consumers, social media has unlocked the door to unprecedented visibility, where fans can follow the activities and interactions of their favorite stars.
Olyseum is looking to take things a step further than simply visibility. The company has the vision of creating a social ecosystem that rewards fans for their loyalty, and allows stars to be closer to their fan base.
For this reason, Olyseum has created the experiential NFT (xNFT), which provides an extra layer of value. X stands for experiential, exclusive, and an expanding intrinsic value. xNFTs allow fans to have experiences and monetize engagement.
Fans are familiar with physical collectibles that have been linked intrinsically to the world of fandom for decades. According to Grenoir, this new form of interaction will be different from the one fans had before because it will include experiences with stars, which is always unique and exclusive by its very nature.
"All fans want to get closer to stars, and they also want to have something unique, but not only, for example, a piece of art or some signed t-shirt, but also an experience. That's a real non-fungible asset. Let's say it like this,"
Olyseum’s community can create, sell, and lend xNFTs and experiences. xNFTs will include the rights to interact with celebrities. The technology will also allow the certification of the connection between stars and fans. This innovative approach might set a new standard, as the right to approach celebrity engagement will become a tradable asset.
These xNFTs are expected to increase in value, as there are commissions on resales. The holder of an xNFT can claim the experience by simply connecting their wallet in which the xNFT is held.
This motivates both fans and celebrities to participate in the Olyseum ecosystem. Celebrities will be able to monetize their star power and elevate their brand, while collectors will be able to generate a profit by not only selling xNFTs, but also by renting the experience associated with it.
"When you buy this NFT, you get an experience that is attached to it, and then you can live this experience. Or you can also invest in this right to be with a star,"
Experiences That Connect
The company is dedicated to creating meaningful connections between fans and their idols through exclusive experiences distributed as NFTs. The Olyseum community can expect to have three types of experiences.
The first type of experience is direct involvement, where the celebrity is involved personally and physically. The sky’s the limit for creativity here as it could be anything from photo sessions to sports activities.
The second type is virtual experiences, where celebrities are involved digitally, in ways such as having an exclusive online video call, virtual congratulations, or playing an online video game together.
"We are preparing live running sessions with some stars, and then on the other side, we are preparing some events with a large company of events, with some music stars. Fans can do some sets with DJs, doing some sessions with people. Also on this Olyverse, we have live video streaming, and you can be interacting with all the fans and also with the stars, depending on the experiences,"
Classic collectibles lovers won’t go forgotten, as Olyseum claims to have personalized goods as well. These are products from the Olyseum store which celebrities can sign and personalize for fans, which could range from a signed piece of merchandise, a picture, a poster, or a book with personalized annotation.
Whether the experience is for masses, or just a few lucky ones, Grenoir explains what the exclusivity reckons on:
"There are several types of experiences: one-on-one or multiple people. It depends on the experience and how rare the NFT, of course, the price or the difficulty in acquiring it. You can also earn NFT by being active on the platform and with our reward system."
The Gamification of Fan Clubs
The interaction of celebrities and fans is taking place on an Olyseum platform in a gamified manner.
Fans on the platform are encouraged to build collections called “Galaxies” to illustrate the strength of their fandom, meaning the Olyseum platform aspires to serve as a kind of collaborative gallery.
Holders of complete collections will be eligible to access exclusive private auctions, reveal hidden xNFT packs, and receive other rewards, fueling the game of fan clubs and unlocking boundless opportunities for memorable star experiences.
Grenoir shares that the company will soon be launching a 3D platform called Olyverse, where the community will find an xNFTs marketplace, and spaces to interact with celebrities in the digital world.
"We also are creating other tools, for example, a brochure, that is kind of an engagement explorer, where you can find some NFTs hidden on several web pages. We can track what the user is doing on this brochure to reward him with some of our tokens or with NFTs, "
Through a catalog of creative experiences, Olyseum’s goal is to create a unique sense of intimacy between stars and fans based on shared experiences, shared joy, and shared interests.
On The Flipside
- A lot of work still remains to be done to include a critical mass of fans to create a foundational user base.
- The onboarding of celebrities is still at its initial phase.
- As with all metaverses, Olyseum will have to fight for the spotlight and its unique value proposition for users.
Why You Should Care?
Olyseum is expanding the usage of NFT technology to define connections between people, which could have a transformative effect on the broader crypto sphere. NFT-based interactions could be a starting point in finding new ways for society to function.
Olyseum is bringing a new and creative approach to fans and celebrities alike that redefines the classic model. The opportunity to monetize fan and celebrity engagement is rewarding for both sides.
You can watch the full interview here: