In early March, the CFun team began an intensive market research campaign in Japan, conducting random interviews with the Japanese public and over 30 professional artists, voice actors and managers. CFun discovered that in Japan, ‘Nijigen’ (2D artwork) creators are everywhere; each producing unique and high quality content however the industry as a whole is shackled by corporate greed and transaction costs, leading to its underperformance.
According to the research, there are two main hurdles effecting the sales of this artwork: extremely high cost of trust and middlemen taking massive commissions. Managers, agents and other service providers will take at least 50% from the creator’s fee as commission, some even go as far as requesting 2/3rds of the pie. Creators are reliant on these middlemen as the main route to find suitable buyers. International transactions are even more difficult; lack of trust and communication errors can make these trades even harder to finalize. This drives up the cost of Nijigen and sees customers paying a hefty pricetag for any purchases.
CFun and its unique capabilities can revolutionize how the entire industry operates, lowering or even cutting out middlemen, reducing the price gaps and helping creators get what they deserve. This would massively lower costs on the demand side and change the business landscape.
CFun is a decentralized application (Dapp) built on the global and publicly available, Qtum Blockchain platform. CFun uses blockchain technology to solve issues in the existing market and provide a content generation platform that unites the creators of the world.
The greatest benefit of CFun is how it utilizes blockchain to realize a truly decentralized and irreversible P2P transaction, cutting out the need for any intermediaries. This removes the need for any Chinese or Japanese agencies, taking out their high commissions and in turn lowering the cost of transactions to the bare minimum, easing the process, and expanding each creator’s potential global market. For IP buyers, this pushes the cost lower than ever before, thus bridging the gap between creators and IP demand globally. By refining the transaction procedure into a simple process, even someone without any previous experience in business can buy, maximizing potential industry profits.
Because everything on the blockchain is irreversible and trackable, CFun can completely catalog the creation process, from initial artwork inspiration to the final composition. Thus the origins and ownership of any IP as well as each hand that it passed can be traced and verified. This will form a standardized system to confirm ownership and solve the issue of legal possession of a certain IP, the main worry of any creator. This is a major move in the advancement of intellectual property rights and is the first of many steps that CFun will take in the near future.
CFun is a pioneer when it comes to protecting the lawful rights of content creators.
The CFun platform promotes “Creativity ergo value”. From the very first letter that any creator types, to the first upload or word being recorded, value is being generated. CFun’s IP content value evaluation algorithm (patent pending) records the valuable actions of creators and readers (users of any kind) onto the blockchain. The data will be sorted and analyzed with respect to spending behaviour, determining a reasonable value range for any creations. Creators can not only change their work to suit the needs of the masses, they will also have an idea of value generated with the work and time they invest. CFun platform, with its in-bedded smart contracts, can also ensure that every time a creation needs tuning or editing, the creator gets paid. This protects indie creators, making sure they get what they work for and will boost the health of the entire ecosystem.
In 2018, hailed as the “next generation cornerstone of the internet”, blockchain technology erupted into every aspect of society. Teams of techs and advisers have all made claims to be the next “big thing” but in reality, tangible products are one in a million. On June 1st, CFun will launch its first official product. As one of the first blockchain projects to be firmly established, CFun is a ray of light that provides hope to this industry that focuses on innovation but often lacks virtue and trust. CFun is elevating the space to suit the needs of both creators and demand, truly a win-win!
CFun official site: cfunproject.com