Blockchain-based entertainment service provider SOBA Global announced its plan to open a beta demo version of its entertainment NFT platform Soba Platform in March 2021.
Non-fungible token (NFT) refers to a new form of a digitalized unique token. Each token is stored on a smart contract with identification. The concept is similar to that of sports player cards that all come with serial numbers. While the actual cards are traded offline, the NFT cards, or unique digital cards that contain images or videos of popular content, are traded online. For example, the NBA has begun selling professional basketball game highlight videos in NFTs, or NBA Top Shot. Top Shots of famous basketball players have been traded at tens of thousands of USD. NFT is one of the blockchain businesses viewed to have huge potential.
The Soba Platform project began in Dec. 2020 with the collaboration of NFT Global, an NFT platform developer. The platform aims to improve the unfair profit share model of the existing music industry by providing a decentralized platform that offers various digital content such as music, videos, online concert tickets, etc. The musicians can directly sell or lend their content to fans through P2P transactions on the platform.
Major events planned for Soba Platform are ▲Jan. 2021: Open web for internal testing ▲Feb. 2021: Implement NFT payment function ▲Mar. 2021: Open beta version of mobile app ▲2Q 2021: Official launch of NFT Marketplace ▲3Q 2021: Open NFT Player ▲4Q 2021: Implement NFT issuance and upload function for musicians.
A SOBA Global official said, “When NFT technology is applied to the content market, the creators can take charge of NFT issuance and transaction. Such autonomy allows the most transparent and fair market price to be formed for the created content. SOBA Global will exert its utmost effort in creating an ecosystem in which all the musician’s efforts and talent are recognized and appreciated by maximizing the advantages of NFT.”
