We take a closer look at the full story of the "Web 3.0 x Idol" project, which is attracting a great deal of attention both inside and outside the Web 3.0 industry.
——Please tell us about the process and background that led to the launch of the IDOL3.0 PROJECT.
Yoshihito Sato (hereinafter, Sato): First of all, I myself was an "idol otaku." As I supported idols for many years, I felt various questions and issues as a fan.
From the perspective of finance, where I have worked for many years, the legal framework for IEO (fundraising through crypto assets) has progressed, and technological advances have been made in blockchain. In this situation, I thought that I could solve the problems and issues I had by using crypto assets and blockchain.
I thought that if I could start an idol group with funds raised through IEO, incorporate elements of Web 3.0 using crypto assets and blockchain, and expand it to idol activities and support activities, I could build a relationship between fans and idols that has never been seen before, so I started a company to promote such projects.
——After actually starting the project, what gap did you feel between what you thought as a fan and reality?
Sato: When I was an idol fan and preparing for the IEO, the idea was to raise funds, launch a project, nurture idols, and promote idol activities. We originally specialized in the financial field, and we operate the site with the help of experienced people.
From the start of the auditions, we held information sessions all over the country, and during that time, I attended several auditions and learned about the site from the management side for the first time. What struck me the most during that process was that the audition candidates were betting their lives on it.
I had heard about idols' constant anxieties, such as receiving retirement benefits after graduation and continuing their idol activities while thinking about their second career after graduation even while they are active, and I understood this in theory.
However, when I saw for myself that they were betting their lives on becoming idols, I felt a very vivid feeling.
After the 114 final stage candidates were publicly introduced for the first time in August, after numerous public auditions, an event was held on October 7th to announce the final successful candidates. Up until then, some candidates cried tears of joy when their names were called, while others looked disappointed when their names weren't called.
29 candidates made it to the final stage. We wanted everyone who remained there to pass, but in reality, that wasn't the case and we ended up narrowing it down to 11. Even there, some people had their names called and some didn't, and it really gave us a sense of the cruelty of reality.
It made us realize that this was a real, live idol audition, and it made us realize once again how important it is to support the members from now on, but it also made us feel more vigilant.
——What measures are you taking to look after your members?
Sato: Above all, health management. WHITE SCORPION members have lessons, interviews, events, and other activities almost every weekend. Some members come from far away to participate. Given that kind of lifestyle, it's important to take care of your physical and mental health. In the future, we plan to assign personal doctors to follow up with the members.
——I understand that the idea for this project started about five years ago, and it coincided with the COVID-19 pandemic some time later. What did you think at the time?
Sato: During the COVID-19 pandemic, many live shows and events were canceled, which significantly limited idol activities. Fans also lost everything they had previously enjoyed, such as dreams, joy, fun, and empathy. After that, idol activities and support activities were also significantly limited by COVID-19.
At that time, I thought that if we use Web 3.0 technology, it might be possible to hold live shows and events that do not require physical travel or contact. So, rather than seeing the COVID-19 pandemic as a negative thing, I felt that it was actually an opportunity to utilize Web 3.0.
——IDOL3.0 PROJECT has set a new vision for an idol group that utilizes its unique token "NIDT," NFTs, and the metaverse, but specifically, what role does each of these play and what kind of roadmap do you have in place?
Sato: I think NIDT is like the "blood" of this project. It's not just for fundraising, but it's a tool for supporting your favorite idols, as holding NIDT gives you various rights. We believe that we can update your favorite idol activities through NIDT.
The rights that have been granted to IEO participants and NIDT holders so far include voting rights in auditions and free distribution of NFTs. In the future, we will hold limited events for NIDT holders, give them a higher chance of winning live tickets, and allow them to use it as a payment method.
For example, you can pay in yen, but if you pay with NIDT, you can get NFTs, so we will continue to work on initiatives that give you a sense of value when you hold and use NFTs. In addition, all acquisition routes for NFTs are recorded by the blockchain. For fans who have been supporting the idols since the beginning, it's a way to prove that you are a veteran.
We are working to make favorite idol activities more visible, so to speak, by recording the period of holding NIDT in NFTs, participating in events, and collecting other NFTs. In the future, we are also considering using it as a means to determine fan ranks and oshikatsu points.
As for the metaverse, WHITE SCORPION has just debuted, and since real-life activities are prioritized, many parts are still in the planning stages, but we plan to utilize it with the aim of allowing fans to interact without physical contact.
IDOL3.0 PROJECT is also looking to expand overseas, and will launch into the world when the girls have established their strength as idols. Therefore, I think the metaverse will become important for interacting with overseas fans.
Initially, we thought that live performances would be better than events when using the metaverse. However, with the current metaverses, the limit for simultaneous connection is often around 100 people, so not many people can participate. Also, it has to be a metaverse that fans can enjoy, so we don't think it's good to be something eccentric.
Ideally, the metaverse should be a little ahead of the fans, and while there are some metaverses that are technologically cutting-edge but require the wearing of goggles and sensors, it's no good if the fans can't keep up. We will work on this while watching the future evolution of the metaverse.
It might be a good idea to start with talk sessions and playing games together. For us, it's meaningless if the fans aren't happy, and if we're going to do the Metaverse, we don't want to disappoint our fans when we actually release it.
——Once the project got underway, what was the most challenging part and what was the happiest moment for you?
Sato: Our main role is to manage the entire project. In that respect, preparing for the IEO was the most difficult part. We also had to be inspected by financial authorities and the Japan Cryptocurrency Exchange Association (JVCEA). Our project had a solid business plan and we thought there were no problems, so we thought we would pass the inspection eventually.
However, the timing was very difficult. For example, when it comes to auditions, most of the candidates are also attending school, and they cannot avoid taking exams or transferring to other schools. Therefore, we were very concerned about coordinating the timing of the IEO and the start of the auditions.
The thing that made me happiest was that WHITE SCORPION was able to debut on December 7th. First of all, we were very happy because we had been preparing for the IEO and holding auditions with this moment in mind.
The video for our debut song, "Ganzasashi Sniper," has been played 3.8 million times on YouTube (at the time of the interview), and we feel that we are also appreciated by people overseas. I got the impression that there were many comments along the lines of, "They are cool and stylish, unlike Japanese idols up until now."
——Please tell us about the future prospects for WHITE SCORPION and the IDOL3.0 PROJECT.
Sato: As mentioned above, WHITE SCORPION debuted on December 7th. Then, on January 7th, they released their second single "Coyote ga Niteiru" (Coyote is Crying), and plan to release a new song every month. The strategy of releasing a new song every month is quite difficult, and by the time the first single is released, they are already practicing for the second single.
They will start practicing for the third single in late December. They have lessons and events on weekends, so they will be very busy. However, as a project, they have a grand dream of going out into the world in the future, so I hope they will continue to build their foundations even in the midst of their busy schedules.
As they have more songs, they will be able to hold live shows and events, and I hope they will be able to make it overseas as early as 2025.
As for the outlook for the IDOL3.0 PROJECT, I think the 29 finalists of this audition are very high-level in all areas. In addition to WHITE SCORPION, 17 finalists have joined Overs, and I hope they will be able to make a name for themselves in the future.
——What is your goal through the IDOL3.0 PROJECT?
Sato: Through this project, we want to solve the questions and problems we have had about idols from the beginning. On top of that, we want to develop idol activities with unprecedented freedom of thought that is close to the fans, and update the way people support their idols through NIDT.
Also, since NIDT is the core of the project, we will actively work to increase its value. There are various efforts to increase its value, but I think it is important to first promote WHITE SCORPION and the IDOL3.0 PROJECT.
If many people are interested and awareness spreads, the value will naturally increase, and we will continue to create measures and an environment that will make people think, "I'm glad I became a NIDT holder."
——Finally, please say a few words to the fans and readers who support WHITE SCORPION and IDOL3.0 PROJECT.
Sato: WHITE SCORPION is a group of 11 highly skilled and attractive members. From now on, we will do our best to give our fans dreams, emotions, joy, and empathy. With the support of our fans, we would like to take them to the world.
In the IDOL3.0 PROJECT, I believe that the finalists will one day be able to show their best selves to the fans, following in the footsteps of WHITE SCORPION, so please look forward to it. Thank you for your continued support.
◉Yoshihito Sato
Representative Director of Overs Co., Ltd. He was a director at Matsui Securities, a senior managing director at SBI Securities, and a director at Huobi Japan before assuming his current position. He is a professional in financial projects, having led the introduction of Japan's first full-scale internet trading while at Matsui Securities, and working in the cryptocurrency exchange business at Huobi Japan.
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