Dongho Lee, CEO of FANC, attended the "Blockfesta 2024: Future of Web3 Industry" held at The Forum on the 3rd floor of Two IFC in Yeouido, Seoul, on the 3rd. During the event, he gave a presentation titled "The Virtuous Cycle of the Creator Ecosystem Built by FANC" and shared his insights.

Lee stated, "With the advent of blockchain, an environment has been created where everyone can share the benefits," adding, "This was the main motivation behind starting the FANC project."

FANC is a project that helps transition social platforms from Web2 to Web3 environments, building a symbiotic ecosystem through partnerships. During the event, Lee emphasized that selecting the right collaboration partners is one of the critical factors determining success in the evolving Web3 landscape.

"In a growing ecosystem, who you partner with can make the difference between success and failure," Lee said. "FANC is fortunate to be collaborating with an excellent partner, CELEBe, to build this ecosystem." CELEBe is a short-form video platform that provides services similar to YouTube Shorts, TikTok, and Instagram Reels, but within a Web3 environment.

Lee explained, "CELEBe differentiates itself from Web2 short-form platforms with its real-time reward system. While TikTok and YouTube have delays in reward accumulation and distribution, CELEBe collaborates with FANC to provide real-time rewards." CELEBe offers rewards through systems such as "Watch-to-Earn" for viewers, "Create-to-Earn" for creators, and "Curate-to-Earn" for curators.

Lee attributed the possibility of real-time rewards to the adoption of blockchain-based Web3 ecosystems and the development of AI solutions. "With AI, we were able to accurately track user activity, ensuring fair rewards and preventing copyright infringement," he said.

Additionally, Lee shared FANC's future plans. "Through its collaboration with CELEBe, FANC has secured approximately 8.5 million active users and recently established a strategic partnership with Chiliz, known for its fan token projects," he said. "FANC and Chiliz aim to launch various projects targeting overseas market expansion in the future."

https://www.blockmedia.co.kr/archives/806969#google_vignette

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