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Please introduce yourself and the Miraqle Token to us.
It’s a pleasure to meet you all Blockchain Today readers. I am Ross Lee, the representative of the Miraqle Project. Graduating from Seoul National University with a management course, I worked for the South Korean IRIVER company and could experience the music industry and overseas market changes. Afterwards, I became in charge of the overseas market of many major leading companies like POSCO and through the experience I became well aware of the global music industry.
In the meantime, I could participate in the global album production and promoted a business with Tencent, the master of the U.S. music record market, and while trying to find a method to originate from music record producers’ one-way interaction to two-way interaction, I presently am advancing the Miraqle Project with a goal to create an “entertainment industry standard currency for all global music fans.”
The Miraqle Project enables fans to personally participate in the global music market. In other words, the project can be launched with an “all ready” user retention. As for Miraqle Token (MQL), the global music market itself becomes the ecosystem.
Miraqle Token is a differentiated ecosystem model which is all set with a phased platform of plan, produce, distribute and consume, and through all globally prepared fandom, it’s a project that proposes a genuine standard which in our field we call it as “a project retaining genuine users.”
The combination of music and blockchain doesn’t sound familiar. What kind of advantage does Miraqle Token have?
“Music meets blockchain! Fans become the main character of the global music industry. The innovation of the entertainment industry is led by blockchain technology.”
With the motto of “Make fans the center of this global music world,” Miraqle Token (MQL) proposes a Techtainment (Technology + Entertainment) platform, which grafts blockchain technology to the global music industry.
It makes it possible for global music fans to personally participate in various music contents regarding the entertainment industry and a special benefit is provided through the blockchain technology, making everything to be proceeded in a transparent and secured environment.
More to this, the standard of the music industrial structure; one-way interaction with the company in the center, can be changed to a fan centered two-way interaction proposing a proper path and standard. For instance, the fan voting system culture is the goal of Miraqle Token (MQL), making global music fans as special main characters of the music industry. Since music and blockchain can make the music industry’s inventory to stay transparent for all participants, it makes it impossible to distort or manipulate the inventory. This creates an indispensable relationship that increases security and trust.
We understand the music market’s copyright and profit distribution problems can be solved through blockchain technology. Please explain the process to facilitate the readers’ understanding.
The music market’s copyright and profit distribution problems have already been covered by many press reports. Recently, there was an incident of a copyright balance accounts’ manipulation by a former representative of one of Korea’s largest music service platforms. This is why blockchain technology is receiving attention as one of the countermeasures for such incidents.
Since blockchain does not save the transaction history in the centralized server and shares information of every single transaction to all users participating in it, it makes it impossible to counterfeit or to falsify the data.
The technology mentioned above has also been applied in the Miraqle ecosystem. If we examine FanPick, a system in which fans possessing Miraqle Token (MQL) can personally vote, the transparent blockchain technology makes it possible to maintain a proper popularity list by stopping distortions on decision making, for instance, manipulating the music broadcast rank and survival audition rank vote’s results. Many experts in the business world mention the necessity of introducing the applied blockchain technology in many music industries across the board.
Musicians who have participated in the Miraqle Token Project are displayed at the entrance of the MQL’s office.
I believe you all are aware of the problems aroused by distortions and manipulations with fans’ voting intention since it became a worldly issue. FanPICK proposes a correct way and a standard for the fans’ voting system culture.
The voting history created with Miraqle Token is maintained transparently with the blockchain technology which fans can trust more on the results since it is impossible to manipulate or distort during the voting process or finalization. More to this, FanPick is not simply designed for a popularity vote. The voted artist receives a chance to participate in the global collaboration album with 7SIX9 Entertainment; a specialized global collaboration company, and with China’s largest entertainment group Tencent Music Entertainment (TME). The higher the popularity rank means the higher probability of becoming the participant of the collaboration with the top global artists. This exceeds the limit from simply voting a popular star to a great merit, since one can increase the global popularity of his or her own favorite star by making the star participate in a global collaboration stage.
Gradually through SNS and several fan communities, fans who willingly participate in voting can actively publicize FanPick; the blockchain based trustworthy voting system, and can become fans who personally participate in album production which is far more meaningful than just participating in a general SMS popularity vote. Since the first FanPICK participant is rewarded with a certain airdrop which he or she can use for voting, this makes it a project with participants of “genuine users.”
Could you explain in detail about the DREAM-X Project?
The DREAM-X Project is a collaboration album created by top global artists.
Notably the Tencent Music Entertainment (TME) and the 7SIX9 Entertainment are producing the album in cooperation. Especially and nominally, the TME is China’s leading entertainment group. Tencent’s affiliated group TME is listed on the New York stock market. Tencent (腾讯) is China’s largest company for internet-related services and products, the world’s largest video game vendor according to sales standard and also known as “Asia’s No.1” for the total stock market value.
Along with Alibaba group, Tencent is listed as top two for the private large enterprises in China. This company retains its popularity by providing China IT services like QQ messenger, WeChat and WeChat Pay. Tencents possesses QQ Music, KuGou Music and Kuwo Music, which are China’s top three music market company and not only is Tencent famous with music, but is known as the most powerful company in China as the greatest influencer for broadcast, video and all fields in the entertainment world.
We’ve already had experienced a cooperative project with 7SIX9 Entertainment for the global collaboration album (Let’s Shut Up & Dance, 1st Album Dedicated to Michael Jackson), with the global pop star Jason Derulo as the producer and Lay Zhang from EXO and NCT 127 as featured artists which attracted global fans’ attention. We have started the DREAM-X project with mutual trust and expectation based on this cooperative experience.
Starting in the second half of this year, albums will continually be released through DREAM-X Project and the line-up has already been decided for the coming albums. The first album will be targeting the Chinese market, which is a collaboration album with the U.S. and China’s top artists. “Lenka,” who receives a lot of attention in China with ten million followers and holds successful annual large concerts, is participating for this first album.
An American rapper Wiz Khalifa, who released “See You Again;” the soundtrack of the 2015 action film Furious 7 as a tribute to actor Paul Walker, hitting an enormous record of YouTube’s 4.7 billion views and with a continuous record of ranking on the billboard for 52 weeks has also participated for this album.
Much attention is drawn into this album as one of the most famous Chinese singers, Silence Wang has participated. DREAM-X Project already has been introduced on press reports and you would be able to receive more news through the mass media.
“Let’s Shut Up & Dance” was the 1st global collaboration project album dedicated to Michael Jackson with 7SIX9 Entertainment
Are there other projects running or coming up in the future?
As collaboration albums with global top artists are produced, many projects like an online store EnterPLUS; where many music fans will be able to purchase goods and albums and funding can be proceeded will be open, and even the MUSIC Q; an application service where users can share playlists and chat online are going to be uploaded soon.
“MUSIC Q” is a one channel platform that enables users to stream music from the greatest global service Spotify and Apple and to communicate with Facebook. For Miraqle Token (MQL), the global music market itself becomes an ecosystem.
Any difficulties that you have faced running the business?
Since we are running a global business, global Corona19 was an obstacle. Including our cooperative company Tencent Music in China, it was difficult to communicate and market in the U.S. Despite this global depression, the IFPI Global Music Report announced that the global recorded music revenues has consecutively increased for five years and reached 20.2 billion dollars.
“The difference between a successful and an unsuccessful businessman is having patience or not.” Most people tend to give up being impatient through difficult times running a business. If something that we could be passionate about did not exist and if we did not face an obstacle like Corona19, the present Miraqle would not have existed.
Our Miraqle team has patience and passion. Though we have been through difficulties and faced obstacles such as the anxious period of time with corona, we have already prepared the line-up with top global artists and numerous favorable factors are being prepared.
Recently Miraqle Token was successfully listed on the BitForex Exchange. Are there any plans related to it?
The Miraqle Project is also preparing to be listed on the South Korean digital asset service platform, as well as on other top global trading platforms according to the CoinMarketCap’s rank standard. Regarding this, we are preparing all procedures and receiving consultations from professionals and getting help from global advisors.
Moreover, many people from famous Korean companies are also paying attention and giving us a hand. Since we are receiving a lot of trust, please show a lot of attention for what will be doing in the future.
It’s difficult to succeed with insufficient advertisement marketing. Is there any advertisement marketing strategy that Miraqle Token is pursuing?
Regarding our advertisement marketing, we have already laid it out with the help of experts with high reputations. The most prominent global influencer is participating in it and global stock markets are willingly promoting the Miraqle Token.
As we already possess a realistic music ecosystem with many fans and users, our project will be introduced by the global music market’s mass media and influencers and youtubers have already planned with SNS marketing.
What is the value and ideology that the company pursues?
In all fields, people nowadays do not only just wish to receive services provided by someone but are willingly searching the contents and then sharing and confirming them through SNS. The Miraqle Project makes fans willingly participate in the music industry, vitalizes the current trend of self-production, and focuses on producing the suitable value.
To become the new main character in the global music industry, it is important to always challenge yourself and to “proceed continually by pursuing the best at your own pace.” With the motto of “Let’s make a global music world with fans in the center,” we will accomplish a “Techtainment (Technology + Entertainment)” platform grafted with blockchain technology for the global music industry.
Lastly, what would you like to emphasize for the Blockchain Today readers?
I would like to emphasize that music and blockchain union must be considered as a very special subject. Our Miraqle Project should not be regarded simply as a union. As I have continuously emphasized, “global music world with fans in the center” is a trend which this current era is demanding. It is just like an “individual creator” or an individual channel like on Spoon Radio. Please pay much attention to our Miraqle Project, the center of that current trend.