By utilizing blockchain technologies, influencers will gain new monetization opportunities that extend beyond the limitations of traditional social media platforms.

The Onchain Engagement Protocol is set to launch in 2025 as part of BINARY's creator fandom platform, THEUS, which is already showing promising user engagement.

Sungmin Kim, CEO of BINARY, expressed a commitment to fostering a more meaningful creator economy that aligns with the needs of an IP-centric landscape.

Despite generating over 1.142 trillion won in 2022, South Korea's creator economy faces challenges, with income concentrated among a few top creators, highlighting the need for more equitable economic models.

The initiative will introduce new AI tools, including AI-Powered Influencer Discovery to connect influencers with fans and Autonomous Engagement Management to automate interactions.

The Onchain Engagement Protocol will enable secure payments between creators and fans, fostering deeper interactions within the creator community.

BINARY KOREA's platform, THEUS, launched earlier this year, has already attracted over 50,000 users, allowing creators to upload content and engage with fans in dedicated spaces.

Dan Kim, VP of Business Development at Coinbase, emphasized the goal of empowering creators with tools that enhance fan connections and facilitate direct payments.

South Korea's strong crypto adoption, ranking in the top 20 globally, is expected to support the success of the Engagement Protocol among users of THEUS.

The Engagement Protocol will support payments, rewards, and donations, potentially incorporating NFTs, and will operate on Coinbase's Ethereum Layer 2, Base.

HYBE's subsidiary, BINARY KOREA, has entered into a memorandum of understanding with Coinbase to develop the Onchain Engagement Protocol, which aims to revolutionize the creator economy through blockchain technology.

This partnership is designed to enhance fan engagement in South Korea, leveraging the strengths of both companies.