According to a Hash Global report, the initial failure of GameFi and X-to-Earn models in 2021 created skepticism about Web3's role in entertainment, but projects like MEET48 are now demonstrating its potential through sustainable token systems and deep user engagement. The platform integrates AI, user-generated content (UGC), and virtual idol systems, leveraging a team with experience from SNH48 and the 'Audition' game.
MEET48 has achieved significant traction, with 3.8 million active users, over 500,000 on-chain wallets, and more than 100 million on-chain interactions, consistently ranking top in BNB Chain's social category. Following its $IDOL token generation event (TGE) in June 2025 on platforms like Binance Alpha and PancakeSwap, the fully diluted valuation (FDV) surpassed $164 million by November.
The project employs a content-first approach, featuring mechanisms such as Proof of Creativity (PoC) for governance-driven value recognition and Virtual World Assets (VWA) for tradable digital content. With a 500-person R&D team and plans for an EVM-compatible PoC Layer2 on BSC, MEET48 aims to build an 'On-chain Netflix' infrastructure. Additionally, the formation of the Web3 Entertainment Alliance on November 4, 2025, with partners like Hash Global, aims to foster industry collaboration and mainstream adoption.
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