1. Preface
TooNFT is an unprecedented blockchain-based platform that will revolutionize the WebToon industry by creating an innovative, next-generation NFT ecosystem. The core functionalities of TooNFT are:
  • Directing exchanges between writers, readers, and investors without a middleman
  • Creating a transparent compensation system for investors and creators
  • Turning WebToon creations into tradable NFTs
TooNFT strives to establish a decentralized WebToon market through implementing a transparent compensation system based on blockchain technology. Through the utilization of cutting-edge technological advancements like smart contracts and NFTs, the TooNFT team discovered an opportunity to eliminate the role of middlemen and create a transformed decentralized WebToon ecosystem with features such as transparency, fairness, and a focus on creators and consumers.
As of 2020, the size of the Korean WebToon market surpassed KRW 1 trillion, equivalent to over USD 830 million. To analyze the dynamics of this industry we can refer to previous data and see that the size of the market, which was around KRW 150 billion (USD 125 million) in 2013, has grown nearly seven times in six years. According to the "2020 WebToon Business Survey" published by the Korea Creative Content Agency, the Korean WebToon market has continued to grow by 20 to 30% every year from KRW 379.9 billion (USD 317 million) in 2017 to KRW 466.3 billion (USD 390 million) in 2018 and KRW 640.1 billion (USD 535 million) in 2019. The WebToon market index has been recognized as having one of the steepest rates of growth among content-related industries for several years in a row. According to the "2020 Cartoon Industry White Paper" of the Korea Creative Content Agency, the global WebToon market is currently worth KRW 7 trillion (USD 5.8 billion). Provided the current CAGR and the trend of converting WebToon content into movies and TV shows, the market has the potential to reach up to KRW 100 trillion (USD 84 billion).
The Korean WebToon market is continuing to expand with highly passionate competition between two of the biggest IT conglomerates in Korea, Naver and Kakao. In fact, Naver and Kakao captured an overwhelming 75% of the WebToon market. That indicates that the two conglomerates led the development and growth of the WebToon industry in the domestic market. Considering the industry's fast-growing index, numerous new WebToon platforms have competitively entered the market and gained their own portions of shares. However, friction costs and copyright issues, which are the main issues in the WebToon market, have been increasing accordingly. In addition to the problems mentioned above, new fees might be introduced by current agencies that intend to produce WebToons with popular artists and control their intellectual property (IP) rights. As a result of these unwanted fees, issues may arise between WebToon creators and platforms. Unfortunately, this double market structure has already been established in the current WebToon market, with Kakao and Naver dominating the market. Meanwhile, the demand for high-quality WebToons has increased along with the request for more diversity in weekly serials. Plus, a phenomenon known as "WebToon factorization" occurred, where individual writers work together to create WebToons as a team. If collective productions from studios or so-called "factories" become more common, it will raise existing high entry barriers for newcomers trying to compete with the existing market players in the coming future.
To solve these problems, the TooNFT platform presents the following three missions:
  1. 1.
    Improve the creative environment by providing a system that allows writers to receive investments without intermediaries
  2. 2.
    Establish a safe and reliable service environment that can transparently provide subscription and reward data to readers and writers
  3. 3.
    Provide a platform for individuals and investors to secure stakes in WebToon content and receive profits according to their equity ratio
To achieve the above-mentioned goals, the TooNFT team has created TooNFT, a blockchain-based NFT WebToon platform. TooNFT will provide a space for writers, readers, investors, and stakeholders of the TooNFT platform to contribute to revitalizing the ecosystem by creating, trading, or subscribing to WebToon-related NFTs on the NFT Market. The TooNFT platform eliminates the problems of excessive influence or profit enjoyment of some proprietary platforms. Accordingly, market participants, such as writers, investors, and small or medium-sized content platforms, will pursue an ecosystem where they can fairly compete in the market.
TOON tokens are utility tokens that will drive and stimulate the intensive growth of the TooNFT WebToon ecosystem. In other words, it is a governance tool that can be utilized as a payment tool, for staking, and for governance rights. For instance:
a. TOON token holders (stakers) can participate in major governance decisions and receive rewards.
b. TOON tokens can be used to directly invest in various WebToons.
c. TOON tokens allow users to subscribe to numerous WebToon content.
d. TOON tokens can also be used to trade for NFT items such as cartoon characters.
Hence, the TooNFT platform allows ecosystem members to participate in various economic activities using TOON tokens. In addition, as participation increases, the value of TOON tokens will also increase and its growth will be maintained.
Toomics Co., Ltd. is one of the major partners of the TooNFT platform. The TooNFT platform will implement a strategy to create and provide unique WebToon content services in cooperation with Toomics Co., Ltd. Eventually, TooNFT will innovate the WebToon market by gathering human resources and systems to create a product that will be popular transmedia, become a megatrend, and take advantage of the One Source Multi-Use (OSMU) concept. Additionally, the TooNFT platform utilizes blockchain technology to improve the unstable structure of existing platforms that dominate the current market. To wrap up, TooNFT builds a modernized ecosystem where creators and readers can meet without a middleman. This will improve the environment of the WebToon market where writers and creators who are engaged in creative activities currently face unfairness, as well as create a virtuous cycle of high-quality content.
Last modified 10mo ago
Copy link