MEET48: From Star Making Dream Factory to Web3 Netflix - AIUGC and Web3 Reshaping the Entertainment Economy

Authors: Jessica Feng, Investment Manager of Hash Global BNB Fund;

Henry Yang, Investment Partner, Head of Hash Global Secondary Market Funds.

1. Bubble Deflation: The Reboot Moment of "Web3 Entertainment"

In the previous cycle, the gaming and entertainment track once sparked a craze in the crypto world.

In 2021, GameFi and X-to-Earn innovatively combined financial incentives with entertainment scenarios, ushering in the year of explosive growth for Web3 applications.

However, the wave quickly receded, and most projects rapidly collapsed after a brief hype: token price crashes, user attrition, community disintegration. The past popular narratives of GameFi, X-to-Earn, the Metaverse, and NFTs have gradually faded from the community's view, and the market has begun to doubt whether entertainment truly needed Web3.

We do not agree with this view. The failure of early projects is not inherent to the model itself but rather due to a lack of content, a lack of real users, and the overuse of financial tools. "Entertainment" has devolved into a speculative shell, while Web3's potential to truly create value in the entertainment industry has been overlooked.

We believe that Web3 technology can reshape the value distribution model in the cultural entertainment sector, and we are very optimistic about the biochemical reaction of "Web3.0 Finance" overlaid with "influence." Therefore, in November 2024, we explicitly put forward: "The Mass Adoption of Web3 will begin with cultural entertainment."

The entertainment sector inherently possesses high traffic and strong community attributes, as well as mature business models and monetization capabilities. When the convergence point between Web3 and the entertainment industry is truly identified, entertainment will become the key breakthrough for Web3 Mass Adoption, and Web3 will also drive the transformation of the entertainment economy into a new era, which we define as "Web3 Entertainment."

In this system, Web3's "tokenization of everything" will no longer be for financial speculation but will serve as the foundation for underlying value distribution. We believe that the tokenomics of Web3 will still be the core engine of Web3 Entertainment, but its focus will shift from Fi (Finance) to Economy — from short-term financial incentives to a sustainable economic cycle.

During the year of proposing and promoting Web3 Entertainment, we are pleased to participate in and witness, with MEET48 as a representative, a multitude of Web3 Entertainment projects that, under our guidance, are actively implementing our envisioned blueprint, with BNB's tokenomics as a template, with core elements including:

1.     Built on real users and quality content, connecting and unlocking ecosystem value through Web3 technology;

2.     Core sustainable tokenomics that combine value and functionality, constructing an economic circulation mechanism;

3.     Incrementally perfecting the tokenomic system, enhancing token utility as the ecosystem evolves;

4.     Ecosystem-created value returning to the tokenomic system, achieving a bidirectional circulation of assets and ecosystem value.

Based on over a decade of rich experience in the social gaming and idol cultivation fields, MEET48 has already taken the lead in forming a preliminary verifiable model.

II. Web3 + AI + UGC: Web3 Entertainment will usher in the era of collaborative creation economy

The unique aspect of this cycle is that the boundaries of technology are being completely shattered.

Generative AI is rapidly lowering the barrier to creation at an unprecedented pace, making mass creation possible. The new generation model represented by Sora2 is reshaping the underlying logic of content production and social interaction. Against the backdrop of the decline of platform-dominated content models (such as Youku, iQIYI), AI will further drive the content industry towards user co-creation (UGC/AIUGC).

In the AIUGC era, content assets will experience explosive growth, and the structural flaws of the Web2 model will be further exposed — the inherent conflict of interest between platforms and users, turning a fair value distribution mechanism into an eternal paradox.

Content production has long been decentralized, but profits are still firmly in the hands of platforms: users create value, platforms capture value.

The future of UGC will undoubtedly be built on a more open, more equitable value cycle. Web3 will be the foundation of this system, providing rights confirmation and circulation mechanisms, embracing the productivity unleashed by AI: the combination of the two will drive UGC from “User-Generated Content” to “User Co-Creation Economy”.

We believe that Web3 Entertainment is entering a new growth cycle. With the maturation of Web3 and AI technologies, the production and distribution paradigm of the content industry is being redefined.

Three,    When Disruptive Technology Meets High-quality Content: MEET48 is Reshaping the Industry Landscape, Aiming to Become the Netflix of Web3

Technology is never the end goal but a tool to unlock the value of content. The real disruptors are not platforms that "talk tech" but teams that understand how to use technology to create high-quality content and break the content barriers.

MEET48 is one such standout example. This behemoth from the traditional entertainment industry, which has single-handedly built Asia's top idol IP: SNH48 and the phenomenal music-and-dance game "Dancing Nicely," is pioneering the transformation of the entertainment industry's most emotionally connected and user-retentive "idol economy" by leveraging the fusion of AI and Web3.

MEET48: Project Development Journey

MEET48 has become a hit application in the BSC ecosystem, with over 3.8 million active users and 500,000 on-chain wallets, on-chain interactions exceeding 100 million times, consistently ranking first in the BNB Chain's social application list. The project has been selected for the BNB Chain MVB program and received strategic investment from YZi Labs. In June 2025, MEET48 completed the $IDOL token generation event and simultaneously launched on Binance Alpha, PancakeSwap, Bitget, Gate, and MEXC; by November, the project's fully diluted valuation market cap exceeded $164 million.

MEET48's Vision: From App to Ecosystem, Building Industry Infrastructure

From a popular application to ecosystem development, MEET48's vision is to become a benchmark project in Web3 entertainment and create the next generation of Web3 entertainment infrastructure. In the early stages, the team, guided by a user- and content-centric approach, will leverage its most advantageous idol economy to deeply integrate years of accumulated idol cultivation systems with AI technology and Web3 mechanisms, injecting a content ecosystem into Web3 entertainment that offers genuine engagement and user stickiness.

In the wave of digitalization, idol culture is also moving towards a new stage of virtualization and intelligence. AI technology has broken the boundaries of physical performance, enabling virtual idols to have round-the-clock companionship, interaction, and personality extension capabilities that are difficult for real human beings to achieve. The commercial potential of virtual idols is also rapidly being validated: Japan's Hatsune Miku and China's Luo Tianyi have already become top-tier cultural IPs; and with the breakthrough of generative AI, traditional entertainment giants have also joined the trend: South Korea's SM Entertainment was the first to launch the virtual idol Naevis; Netflix also introduced the virtual group HUNTR/X and Saja Boys through the animated movie "K-Pop Demon Hunters," breaking multiple records of real-life artists on platforms like Spotify. As pointed out by a16z, the cultivation of virtual idols is growing into a potentially huge billion-dollar-level track.

However, these are still part of the centralized "platform star-making" model. MEET48 is the first to break free from the Web2 framework among the numerous entertainment giants. With keen industry insight and nearly two decades of content operation and technological research and development accumulation, MEET48 is democratizing the "star-making power" by combining AIUGC tools with Web3 mechanisms.

Backed by a fan base of 30 million and over 40,000 music copyrights, the MEET48 platform has created a complete creative and value circulation system:

MEET48's Web3 Flywheel

1.      AIDOL Producer: An all-in-one AIUGC toolset supporting content generation such as character shaping, stage creation, and performance;

2.      Mars Protocol: A content asset tokenization solution that provides monetization models;

3.      Metaverse: An immersive social and creative space that achieves long-term precipitation of users and assets.

At the same time, based on a profound understanding of the industry and model experience, MEET48 has proposed a new Web3 model for the creator economy:

1.     Proof of Creativity (PoC): Replaces proof of work or proof of stake with creative value, where community members and fans authenticate content value through governance token voting;

2.     Virtual World Assets (VWA): Incorporates virtual characters, creations, and content into a tokenized circulation system, providing assetization and commercialization infrastructure for creator communities.

PoC gives content creation value consensus, while VWA gives content an economic form, together forming the foundational support for the AIUGC era.

When platforms no longer monopolize value but become empowering tools; when creativity is unleashed, and content is granted rights and incentives, value can truly return to users, and the potential of the creator economy can be fully realized. This is the unique opportunity bestowed by AI+Web3 and will also become the inevitable direction of the evolution of the content industry.

Catching the wave is just the beginning; the ability to land is the key to success. Unlike most Web3 entertainment projects that remain in the conceptual stage, MEET48 possesses the most scarce systematic landing capabilities in the Web3 field:

1.     At the technical level, MEET48 has unique data and algorithmic barriers. Twenty years of accumulated music and dance data provide a natural advantage for model training; a research and development team of over 500 people covers 3D virtual humans, music and dance large models, AI entertainment avatars, and metaverse social directions, forming a systematic technological system that enables the "idol cultivation" model to be comprehensively upgraded in the intelligent era.

2.     At the operational level, the team has previously created phenomenon-level games such as "Dancing Battle" and built the SNH48 ecosystem covering five main teams, over three hundred artists, and thirty million fans, possessing landing experience and launch advantages that other teams find hard to replicate.

3.     At the traffic level, MEET48 will put SNH48's voting mechanism on-chain in the cold start phase to inject early traffic into the AIUGC platform; launch the Web3 virtual idol game "AuditionsGO," and collaborate with Tencent Video to create the world's first AI Idol competition show, helping the product break barriers and enter the mainstream spotlight.

The entertainment and content industry has always been the most penetrated field of the Internet, and the virtual idol track integrating AI technology also has the greatest opportunity to achieve Mass Adoption first. MEET48 has accurately seized the opportunity of the times, leading the way to transformation with four major advantages: model experience, technical system, operational capability, and traffic foundation.

Similar to how Netflix seized the Internet wave and reshaped the rules of content distribution, MEET48 is using AIUGC and Web3 to rewrite the logic of content creation and value circulation, reconstructing the global entertainment system, and driving the "Netflix Legend" to reappear on-chain.

MEET48's AIUGC Idol Group

IV. From Application to Infrastructure: Building a Web3 Entertainment Eco-Empire

MEET48's goal is far more than just an application.

In its initial stage, MEET48 is the "Star-making Dream Factory" of the Web3 world, using AIUGC to break through centralized production barriers and truly return creative rights to users; and in the more distant future, it is moving towards a grander endgame—becoming the Web3 entertainment infrastructure that reshapes the underlying rules.

Driven by this vision, MEET Labs has incubated the lightweight gaming platform GamingFi, forming a preliminary cross-content ecosystem matrix. And this is just the beginning. MEET48 plans to develop an EVM-compatible Layer2 PoC sidechain in the BSC ecosystem, forming a closed loop of users, assets, technology, and applications:

MEET48's Four-fold Advantages: Comprehensive Coverage of Technology, Applications, Users, and Assets

Technologically, EVM-compatible Layer2 is no longer a technical barrier;

On the application and user level, MEET48 has a huge fan base and mature product landing capabilities;

On the asset level, AIUGC addresses the supply side of content assets (VWA), while the PoC mechanism establishes a value consensus and rights confirmation system.

Relying on a complete technical system and the ecosystem support of the BNB Chain, MEET48 is committed to building a benchmark for Web3 entertainment, integrating and attracting more entertainment IPs, content, and applications transitioning to Web3, collectively building the EVM and BSC ecosystem, and promoting the ecological and long-term sustainable development of the Web3 entertainment industry.

Just as Binance started as a trading platform, built BNB Chain, and became the Web3 financial infrastructure, the "on-chain NASDAQ"; MEET48 is also moving along a similar path — powered by AIUGC, based on Web3, reshaping the end-to-end logic of content production and value distribution, and creating an on-chain "Netflix."

As the ecosystem expands, the value created within the system will continuously flow back to the foundation, opening up a first-stage billion-dollar growth space for MEET48.

Five, The Unique Carrier of Billion-Dollar Ecosystem Value: IDOL Is Reenacting BNB's Value Leap

IDOL is the core value carrier of the MEET48 ecosystem, positioned similarly to BNB in the Binance ecosystem. Its value capture mechanism design is also highly similar to BNB and can be analyzed from two aspects:

1.     Functional Property: IDOL, as a utility token, undertakes multiple core functions in the ecosystem, including voting, purchasing virtual goods and services, forming a stable usage scenario and holding demand;

2.     Asset Property: Directly linked to ecosystem growth through a burn mechanism.

BNB relies on quarterly automatic burns and fee burns to create a deflationary effect, and IDOL similarly adopts a "dual burn mechanism":

Voting Pool Burn: A fixed percentage of IDOL tokens will be regularly burned from the voting pool generated during SNH48 (and future virtual idol) selection activities;

Transaction Fee Burn: Daily transaction interactions within the ecosystem will continue to reduce the circulating supply of IDOL.

A supply-side deflation and demand-side growth build a healthy token circulation mechanism, allowing IDOL's value to rise in sync with ecosystem growth.

We believe that the current IDOL is like BNB in 2019 — the ecosystem is on the eve of an explosion, and the market has not yet fully priced its potential. In the future, as Web3's entertainment ecosystem expands comprehensively, IDOL will become the core carrier of a billion-dollar value.

Six, Conclusion: MEET48 Leads the On-Chain "Netflix Moment," Driving the New Wave of Web3 Entertainment

Just as Netflix has reshaped the global content distribution landscape with a streaming media model, MEET48 is leveraging its deep accumulation in content and product operations, as well as its systemic breakthroughs in AI and Web3 technology, to restructure the production and value distribution paradigm of the content industry, ushering in a Web3 entertainment core empowered by collaborative economy through value-functional token design.

As a pioneer of this wave, MEET48 has already validated the feasibility of integrating Web3 with entertainment. Built upon a massive fan economy, a mature business model, and a monetization system, MEET48 has achieved value consensus and revenue sharing between IP and fans through Web3.

In the future, MEET48 will continue to explore and build upon its success, taking the lead with its own practices, using PoC Chain as an incubation base to drive more projects to accelerate along the path of Web3 entertainment, collectively shaping a new landscape of decentralized entertainment economy, and ushering in the "Netflix Moment" of Web3 entertainment.

Chapter VII: Announcement: MEET48 and Hash Global Partners Jointly Launch the "Web3 Entertainment Alliance"

On November 4, 2025, Hash Global organized a closed-door working meeting in Hong Kong on "Web3 Entertainment," inviting MEET48, OFFGRID (Web3 Ticketing and Fanvestment IP Incubator), Innow (Japanese Internet Celebrity and Idol Platform), IPDex (Hong Kong Cultural Copyright Trading Center), JCube (Cultural and Sports Entertainment Rights Holding and Ecosystem Operation), ENT (End-to-End Music Entertainment Content Assetization and Distribution Platform), BitX (First UGC Socialized Prediction Platform), Sortes (On-Chain Welfare Lottery and Prize Platform), and other teams to exchange experiences, share traffic, unite forces, and form Web3 entertainment consensus.

At the launch of this report, the attending parties announced the joint establishment of the "Web3 Entertainment Alliance," hoping to attract and synergize more Web2 and Web3 entertainment projects and resource parties to collectively promote the co-construction of the decentralized entertainment economy ecosystem and the Mass Adoption of Web3 entertainment.

In the future, the Web3 Entertainment Alliance will provide a platform to collectively discuss the following issues (for example):

How to use Web3 technology to connect and unleash ecosystem value based on real users and quality content;

How to build an economic circulation mechanism core with both valuable and functional sustainable tokenomics;

How to achieve the import and conversion of real users from Web2 while attracting Web3 native users, bridging the connection between traditional entertainment users and on-chain users;

How to build a globally unified user system with Web3 and achieve cross-industry precision targeting, and more.

The alliance will regularly hold online and offline activities to promote communication and cooperation among members, driving the integration and common development of the Web2 and Web3 entertainment industries.

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