The SOBA token of the SOBA NFT project, a major business of SOBA Global Ltd., a blockchain-based entertainment service company, will be listed on the domestic digital asset exchange Gopax on Thursday.
Using blockchain technology, NFT enables decentralized P2P services by converting contents in various areas such as games, sports, art, and music into digital assets. Since digital content issued by NFT has a uniqueness and scarcity that cannot be forged or duplicated, its value increases as time passes. For this reason, the NFT market is growing rapidly in recent years.
Meanwhile, the SOBA platform is a project to implement NFT in the field of music entertainment. The SOBA platform supports streaming services as well as free transactions and rentals between users by issuing various digital contents such as music sources, visual contents, and videos of domestic and foreign musicians through NFT. Users can have NFT values formed based on limited issuance and demand over time, or they can generate revenue by selling them to others.
He said the SOBA platform could be a new alternative to the existing vertical and closed streaming service. The existing streaming service did not have a separate channel for fans and musicians to communicate, so music was only popularized content for consumption. In addition, since most of the revenue paid for the service is allocated to the platform and the production company, the actual return to the musician was insignificant.
However, in SOBA, musicians and fans can meet more directly. Musicians can create unique content based on their creativity, and fans can literally own their own content that is differentiated from others. In addition, since the platform fee is low, the actual profits that can be returned to musicians are increased.
The SOBA platform is currently preparing to launch a beta service in March, and a pre-registration event is in progress. You can participate in the event on the sobanft.com teaser site, and 10,000 people will receive 300,000 SOBA tokens that can be used on the SOBA platform through a lottery.
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