The leading cosplay sharing website Cure WorldCosplay (CW) has announced that it is looking to create a cryptocurrency to address key issues within the cosplay world.
The site with 720,000 members in 180 countries has defined these problems as monetisation, harassment and issues with borders and language.
Diversity of Motivations
“We have a strong emphasis on providing community service which is characterized by self-sustainability and development,” said CW. “Cosplayers have various motivations for their activity, some cosplayers want to become professional, others want more fans and yet others are looking to share their work with groups. Photographers and propmakers working closely with cosplayers also have some influence on the increasing diversity of motivations.”
“The enthusiasm of fans who support them are also on the rise, and Cosplay Economy is attracting attention as a market. However, regardless whether in Japan or overseas, cosplayers, photographers, prop makers and users alike have challenges and roadblocks. For the sustainable development of the Cosplay economy, we need measures to meet and resolve them.”
According to a white paper proposal, the coin will be integrated within the platform’s app and conforms to the ERC20 technical standards of the Ethereum blockchain. CW says this means that coins will be stored in the app’s wallet integrated into the Cure WorldCosplay platform and users can send or receive them within the platform.
Rather like the famous “buy me a coffee” button of Patreon used by bloggers and models to take small contributions from fans, cosplayers on the platform will be able to tip each other.
The website also intends that events and players’ products on the site will take payment by Cosplay Tokens. The benefit of blockchain here is that every transaction is traceable and so revenue-share schemes could be created between photographers and models.
$17.8bn Costume Industry
The business model surrounding this proposal is, by the company’s own admission, difficult to quantify. According to China Research and Intelligence (CRI), the estimated amount spent on costumes and wigs in 2017 was $17.8 billion – including cosmetics and fabrics to create outfits.
Cure WoldCosplay said this amount is expected to be far greater when you consider additional costs like event tickets, photography fees, travel and accommodation. “On top of this, according to Eventbrite, 59% of attendees will spend a further $100-$500 on merchandise at events, with 10% spending over $500 per show.”As for how this new currency will turn out only time will tell and while Bitcoin continues to make headlines as it nears its 10th birthday, it is uncertain just where it and its alternatives will stand in another decade.