Could the "IDOL3.0 PROJECT" become an icon that contributes to the development of Web 3.0 in Japan?

On October 7th, a new idol group was born at Shibuya Hikarie Hall, which was filled with refreshing excitement.

Their name is "WHITE SCORPION". It was a name that was given to them in the hope that they would become a group that has "innocence" and "sincerity" as well as strength.

In March of this year, I interviewed Shusaku Fujino, COO of coinbook, one of the exchanges that conducted an IEO using their unique token NIDT (Nippon Idol Token) by Overs, which plans and operates the IDOL3.0 PROJECT. This was before the IEO took place.

When the members of WHITE SCORPION were decided, the conversations and situations at the time suddenly came to mind. At that time, coinbook was in a situation where they were working on an IEO at the same time as they started their trading service, so they were really struggling.

Before getting into the main topic, let me explain what the IDOL3.0 PROJECT is and what NIDT is.

What is the IDOL3.0 PROJECT?

IDOL3.0 PROJECT is a project planned and managed by Overs, which aims to create a new idol group that has never been seen before, and has a vision of "an idol group that updates with the changing times and needs."

The general producer is Yasushi Akimoto, who has worked with AKB48 and Nogizaka46, among others, and this has become a hot topic.

In addition to the two groups mentioned above, the staff supporting the group includes staff who have been involved in the development of popular idol groups such as Hinatazaka46, Sakurazaka46, and IZ*ONE. The dance for the debut song "Mesasashi Sniper" was created by TAKAHIRO, who has previously choreographed Nogizaka46's "Sukima" and Keyakizaka46's "Silent Majority," showing how serious the project is even before it goes into full operation.

The group is made up of 11 members. The members are as follows:

• Choco
• Allie
• Nako
• Summer
• Navi
• Cocoa
• Nico
• Peace
• Momo-Tele
• Ao
• Hannah

*Titles omitted

With their debut scheduled for December 7, 2023, they will be getting serious about their activities from now on.

"NIDT" holds the key to the project

When talking about the IDOL3.0 PROJECT, it is essential to explain the existence of a token called NIDT.

As explained in the introduction, NIDT is a unique token issued on the Ethereum blockchain by Overs, and the fourth IEO in Japan was conducted on Coinbook and DMM Bitcoin. Although this IEO did not reach the target of 1.5 billion yen, it succeeded in raising 1 billion yen. It was a very large fundraising compared to previous domestic IEOs.

Immediately after listing, the price plummeted from the IEO public offering price of 5 yen to 1 yen.

After that, as the progress of the project became clear, it rose sharply, reaching about 125 yen at one point. At the time of writing, it is in the 60 yen range, and the price may fluctuate wildly depending on the progress of the project.

NIDT tends to attract attention in terms of its price, but we must not forget its original purpose.

NIDT functions as a utility token that allows you to participate in limited events and acquire NFTs by holding it. In fact, NIDT was used in two votes during the final stage, called the "White Night System."

This system allows users who hold NIDT to obtain voting tickets according to the amount of NIDT they hold, and to vote for candidates who did not pass each stage of the final stage in order to rescue them. Both Peace and Summer, who became official members, returned in the second vote, "White Night System 2nd," and remained as finalists.

It is expected that NIDT will continue to be required in the future when deciding the center for songs and when voting for merchandise sales, and each time this happens, it is possible that this will have some impact on prices.

Unexpected and more enthusiastic than I imagined

"There are a lot of girls with great potential in this audition." I heard this comment in the press box at the event to announce the 114 final stage candidates in August.

With Akimoto and King Records teaming up, it's true that there will be many promising talents. However, if it's a project involving Web 3.0 elements such as crypto assets and NFTs, there will be many people who will shy away from it. That's why I initially thought that there wouldn't actually be that many applicants.

But when the auditions started, there were more than 10,000 applicants. They had nothing to do with Web 3.0, but simply wanted to become idols. I think this holds a clue for the spread of Web 3.0.

I was also surprised by the number of fans who flocked to the venue.

When the final stage candidates were announced, only users who had purchased NIDT in the IEO were able to enter the venue by lottery. It is assumed that many users participated in the IEO for speculative purposes. However, I realized that there were many users who purchased it because they wanted to "find their favorite idol" or "witness the birth of a new idol."

After that, as the final stage progressed and the White Knight system was implemented, the price of NIDT also rose significantly. The project itself, along with the token, attracted a lot of attention both inside and outside the industry.

What I want to say from all this is that for me, it was beyond my imagination and unexpected that a Web 3.0-based project would involve ordinary people to this extent and generate such enthusiasm.

A project that had an unbelievable drop in price after the IEO and listing has been revived. It has overcome various barriers to enter the complex field of Web 3.0. There are a few other thoughts, but to be honest, I didn't think it would become such a popular project. That's all I can say.

The key to Web 3.0 is "I don't care"

Why has it become so popular? In order to unravel the reasons, it is important to note that most people who support this project and its members are not aware of whether it is Web 3.0 or not. To put it more simply, it doesn't matter whether it is Web 3.0 or not.

I think that most Web 3.0 projects to date have promoted unprecedented advances. For example, GameFi, which claims that you can earn money by playing games, emphasized the "earning money" aspect.

However, will users who have never been involved in the Web 3.0 field start blockchain games just because they can earn money? I don't think most will. Even if they do start, it is easy to imagine that the dropout rate will gradually increase, considering the labor required to purchase crypto assets and prepare a wallet.

Therefore, in the end, it can only be expected to spread to existing Web 3.0 users who have a certain level of knowledge, and if the token price falls, the ecosystem will gradually stop functioning and the project will collapse. This is not limited to blockchain games, but I have seen many such projects in the past.

In that respect, the IDOL3.0 PROJECT is very simple. If you have NIDT, you can basically participate in events, votes, and everything else. To have NIDT, you just need to open an account with Coinbook or DMM Bitcoin, deposit Japanese yen, and make a transaction. The things you need to support idols closely have simply been replaced with electronic data, rather than traditional handshake tickets or instant photo tickets.

"It doesn't matter if it's Web3.0 or not." This is not just a story about fans who support idols. It can also be said about the idols, who are one of the main characters.

As I mentioned earlier, I saw a ray of hope for the spread of Web3.0 in the fact that 10,000 candidates aspiring to become idols gathered through this project. This is because Web3.0 was not a direct motivation for these girls to become idols. On the contrary, it could be said that the environment in which they needed to become idols happened to be related to Web3.0. No matter what, the motivation to "become an idol" took precedence, and as a result, 10,000 applications came in.

This is extremely necessary to attract the general public and ultimately to increase the number of participants active in the Web 3.0 field. In the current phase, or even in the future, I believe that Web 3.0 should not be pushed to the forefront, but should always be present "behind the scenes."

On the surface, Web 3.0 can play a supporting role, such as "Web 3.0 technology was actually used behind the scenes in government services" or "The electronic ticket to attend that famous person's event was actually an NFT." However, when Web 3.0 continues to play a central and important role and this eventually becomes commonplace, I believe it will establish itself as an essential piece of infrastructure. Isn't this the future that the concept of Web 3.0, an idea that could be described as the philosophy of the "virtual world," is aiming for?

Will the IDOL3.0 PROJECT contribute to the development of Web 3.0 in Japan?

Without any bias, I personally think that IDOL3.0 PROJECT is the closest to a success story among the IEO cases conducted in Japan to date.

Opinions on what constitutes success may vary from person to person, but I think it is "whether or not we were able to increase the number of people participating in Web3.0," considering the current phase. Involving the general public and spreading the circle by showing that Web3.0 is actually related to things that the general public is exposed to will lead to the birth of the next model case, which will create a synergistic effect and develop the entire industry.

I think that it has already contributed in no small way to the development of the Web3.0 field by generating so much buzz and casually getting users involved in the Web3.0 field.

Of course, depending on the future direction of the project, it may be necessary to revise these thoughts.

In fact, a few days before the members were officially decided, a person in the entertainment industry complained, "I hear that there are more things that have not been decided than I imagined, and there are some uncertainties about whether the project will proceed as planned." After the members were decided, a person close to the project also said, "The members have been decided, but there are many adjustments that need to be made from now on. It will be even more hectic until the debut."

However, this is true for any project. This is especially true in the entertainment industry, where complicated circumstances are intertwined. At this point, there are no particularly serious delays, so we will continue to keep a close eye on the situation.

A reception party for the press was held after the members were decided. When I asked Yoshihito Sato, CEO of Overs, how he felt, I was impressed by the look of relief he had on his face. At the same time, he was already looking ahead, saying, "I can't let my guard down until we make a solid debut."

The IDOL3.0 PROJECT aims to "update" everything, including fan activities and management systems. I personally believe that this also includes "updating the concept of Web3.0."

An idol project originating from the Web3.0 realm. I hope to see an idol image that is appropriate for the new era with unprecedented mechanisms and ideas.

Image: Iolite, quoted from official Overs materials and announcements

Profile

◉Shogo Kurobe Entered the cryptocurrency industry in 2018. With experience studying writing and writing novels as a student, he is involved in writing, planning and editing articles on cryptocurrencies and blockchain. He was appointed deputy editor-in-chief at J-CAM Co., Ltd. in April 2022 and is currently in his current position. "Iolite" was launched in March 2023.

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