Non-fungible tokens, presently mostly virtual assets that are secured by blockchain technology, have been very popular in the past year, as their headline-making sales have attracted people from outside the crypto community.
According to the “Non-Fungible Tokens Quarterly Report” , in Q1 of 2021, DOT transactions have surpassed $2 billion, 20 times more than the volume traded in the previous 3 months. Indeed, people’s interest grew significantly, with most of the sales being associated with collectibles (48%) and art (43%).
The fact that so many buyers are attracted to these two categories supports Marvion’s premise, that there is room for more than just virtual items, which are authenticated and tracked through their ID and codes, hosted on blockchains. This is why the company has created hybrid DOTs, a concept that combines the benefits of DOTs with the appeal of real-life intangible assets.
Given the novelty of hybrid DOTs, in this blog post, we will provide answers to the most frequent questions we received on our community channels and social media networks, such as Telegram, Twitter, Instagram and LinkedIn.
Hybrid DOTs, also known as h-DOTs, are non-fungible tokens that offer access to a virtual token, backed by a digital encryption certificate, that represents ownership in rights, title or interests in an intangible asset, such as intellectual property and contractual rights, which is valuable in the real world – a hybrid of two intangible assets existing in the real and virtual worlds.
Let’s say you are interested in purchasing one of the first 5 hybrid DOTs created by Marvion for Asia’s First h-DOT feature film, Lockdown, which stars internationally-acclaimed actor Xander Berkeley (known for its part in The Walking Dead) and Hong Kong actress Anita Chui. In this case, the h-DOT represents ownership of an invitation for two to an exclusive pre-cocktail session with the cast, at the UK Gala Premiere (of which the terms are minted into the h-DOT), an experience that would have both a financial and emotional value, and that moment in history will be captured not only in your memory but also in the h-DOT, which could be resold potentially at a higher price leading to a financial gain.
A hybrid DOT contains way more information than is permitted by a regular DOT. Through innovation, the h-DOT is able to accommodate this and secure all the important information on the blockchain.
There are several documents and rights that are minted into a hybrid DOT from Marvion when it relates to intellectual property:
In addition, the media file of the relevant asset and the access to it will also be minted into the h-DOT.
In general, Marvion’s experience DOTs include access to VIP events, cameo appearances, tickets to live concerts and shows, meet and greet invitations etc. These events are tied into the underlying media of the h-DOT.
Moreover, the most common types of hybrid DOTs may include:
There are several benefits to Marvion hybrid DOTs:
4.1. Marvion hybrid DOTs offer access to memorable, one-of-a-kind experiences
Owning a digital artwork or collectible is one thing but being part of the creative process and living a memorable, exclusive experience is a completely different, more fulfilling experience.
Marvion hybrid DOTs ensure access to private streams and events but may also offer opportunities for cameo appearances in certain movies, keeping DOT buyers significantly more engaged. This way, they encourage user-generated content, drawing more interest and word-of-mouth around a certain production or work of art.
This eventually translates into generating stronger emotional connections with the DOT itself and with the brands behind it.
4.2. Marvion hybrid DOTs contribute to creating communities of fans
Stronger emotional connections with brands lead to tighter communities of fans, which interact with one another and drive conversations around new launches, trivia, special events etc., thus supporting the whole ecosystem.
By bringing fans together, organizing meet and greets and having them share experiences, Marvion manages to add acknowledgement and belonging to the picture. Fans of Marvion-backed productions have more options of interacting with one another and with the casts, thus feeling they play a bigger role in the production’s success.
4.3. Marvion hybrid DOTs are continuously adjusting to fans’ feedback
Benefiting from a close community of fans, Marvion receives and considers their feedback, wants and observations, thus taking advantage of these types of information to develop stronger, better products. Through a consistent flow of communication with its stakeholders, the company plans on staying on top of the game, to always unlock, enhance and preserve the value of media and entertainment intellectual property.
4.4. Marvion hybrid DOTs are safe and trustworthy
A question that we often receive both online and offline is whether DOTs and, specifically, hybrid-DOTs are safe collectibles. In Marvion’s case, the answer is a strong YES. By minting all the relevant documentation directly into the h-DOT, the rights of our community of buyers are being protected by blockchain technology.
4.4. Marvion hybrid DOTs are energy efficient
While many DOT creators still work on a Proof-of-Work model, which is extremely energy consuming, Marvion hybrid DOTs are blockchain agnostic, which allows the company to always choose the most appropriate, energy efficient blockchain. Working with blockchains that adopt a Delegated Proof of Stake (DPoS) consensus mechanism, Marvion ensures that its hybrid DOTs are responsible for lower CO2 emissions and, thus, that they have a lower impact on the environment.
As mentioned above, the Marvion in-house team pays high attention to the company’s partners, carefully selecting reputable production studios, which work with the best talent worldwide. The company is currently open to conversations with partners across media verticals including; film and television, music, comics & manga and gaming.
The first few Marvion hybrid-DOTs, from the Asian movie Lockdown, were sold on the OKEx marketplace. Those interested in a chance to owning future h-DOTs can subscribe for alerts on the marvion.media site and can follow the group’s socials.
Marvion has several projects in the pipeline:
Hybrid DOTs are a new concept in the crypto world, but, given their potential and benefits, they are here to stay and add value to the overall ecosystem. It is a good opportunity to understand how they work and to understand the extensive foundation work that the team have done in building robust smart contracts with substantial legal agreements.
If you want to know more about Marvion DOTs, send us your notes on our media channels: