Blockchain-based entertainment service provider SOBA Global has announced its issuance of SOBA Tokens.
SOBA Global has collaborated with NFT Global, an entertainment NFT platform developer, to create the Soba Platform, an entertainment NFT trading marketplace.
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.
Soba Platform was initially conceptualized to improve the existing centralized entertainment business system’s unfair profit share model. The platform serves as an ecosystem for musicians to create their content into NFT items that fans can buy. Fans can purchase or rent the NFT items to directly support the musicians without the intermediaries cutting into the profit.
SOBA token is a utility token for the Soba platform, which is the main business of SOBA Global. Users use SOBA tokens to buy or rent NFT. The profit generated from NFT transaction fees is shared with NFT holders and the musicians.
SOBA Global official said, “The current music business model leaves little profit for the musicians. Our platform is developed by experts of blockchain-based NFT and entertainment content to create more opportunities for all the musicians. We will create a platform with easy SOBA usage to enable even users with little knowledge of blockchain to communicate with their favorite artists. Soba Platform will provide an eye-opening experience for all the participants.”
