MEET48: From Star-Making Factory to On-Chain Netflix — How AIUGC and Web3 Are Reshaping the Entertainment Economy

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

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

I. The Bubble Has Burst: The Reboot Moment for "Web3 Entertainment"

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

In 2021, GameFi and X-to-Earn innovatively combined financial incentives with entertainment scenarios, marking the inaugural year of explosive Web3 applications.

However, the wave quickly receded, and most projects collapsed rapidly after a brief period of excitement: token prices plummeted, users left, and communities disintegrated. Once-popular narratives such as GameFi, X-to-Earn, the metaverse, and NFTs have gradually faded from the community's view. The market began to doubt whether entertainment ever truly needed Web3.

We do not agree with this view. The failure of early projects was not due to the model itself, but rather the lack of content, absence of real users, and the excessive use of financial tools. "Entertainment" became a shell for speculation, while the true value-creating potential of Web3 in the cultural and entertainment industry was overlooked.

We believe that Web3 technology can reshape the value distribution model of the cultural and entertainment sector, and we are very optimistic about the biochemical reaction after combining "Web3.0 Finance" with "influence." Therefore, in November 2024, we clearly stated: "The mass adoption of Web3 will begin with culture and entertainment."

The entertainment sector naturally possesses high traffic and strong community attributes, as well as mature business models and monetization capabilities. When the true intersection between Web3 and the entertainment industry is found, entertainment will become the key breakthrough for Web3 mass adoption, and Web3 will propel the entertainment economy into a new era, which we define as "Web3 Entertainment."

Within this system, Web3's "assetization of everything" will no longer be aimed at financial speculation, but will become the foundation for underlying value distribution. We believe that the token economic system 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 system.

In the year since proposing and advancing Web3 Entertainment, we are pleased to participate in and witness a number of Web3 Entertainment projects, represented by MEET48, which, under our guidance, are actively practicing our envisioned blueprint by using BNB's token economic design as a template. The core elements include:

1.     Based on real users and high-quality content, using Web3 technology to connect and unlock ecosystem value;

2.     Building an economic circulation mechanism with a sustainable token system that has both value and functionality at its core;

3.     Gradually improving the token economic system in stages, continuously enhancing the utility of the token as the ecosystem develops;

4.     Ensuring that the value created by the ecosystem flows back into the token system, achieving a two-way cycle between assets and ecosystem value.

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

II. Web3 + AI + UGC: Web3 Entertainment Will Usher in the Era of Co-Creation Economy

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

Generative AI is lowering the threshold for creation at an unprecedented speed, making mass creation possible. The new generation of models, represented by Sora2, is reshaping the underlying logic of content production and social interaction. As the model of platform-monopolized content (such as Youku, iQIYI) gradually declines, AI will further drive the content industry toward user co-creation (UGC/AIUGC).

In the AIUGC era, content assets will experience explosive growth, and the structural flaws of the Web2 model will become more apparent—the inherent conflict of interest between platforms and users makes a fair value distribution mechanism an eternal paradox.

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

The future of UGC must be built on a more open and fair value cycle. Web3 will become the foundation of this system, providing mechanisms for rights confirmation and circulation, and harnessing the productivity unleashed by AI: the combination of the two will drive UGC to evolve from "User Generated Content" to "User Co-Creation Economy."

We believe that Web3 Entertainment is ushering in a new growth cycle. As Web3 and AI technologies mature, the paradigms of content production and distribution are becoming open to redefinition.

III. When Disruptive Technology Meets Quality Content: MEET48 Is Reshaping the Industry Landscape, Moving Toward Becoming the "Netflix of Web3"

Technology is never the goal, but a tool to unleash the value of content. The true game-changers are not platforms that "talk tech," but teams that know how to use technology to create high-quality content and break content out of its niche.

MEET48 is a standout among them. This giant from the traditional entertainment industry, which once created Asia's top idol IP SNH48 and the phenomenal music and dance game "Audition," is now taking the most emotionally connected and sticky "idol economy" in the entertainment industry and leading its transformation into the AI + Web3 era.

MEET48: Project Development History

MEET48 has become a blockbuster application in the BSC ecosystem, with over 3.8 million active users and 500,000 on-chain wallets, on-chain interactions exceeding 100 millions, and long-term ranking at the top of BNB Chain's social applications. The project has been selected for the BNB Chain MVB program and has received strategic investment from YZi Labs. In June 2025, MEET48 completed the $IDOL token TGE, simultaneously launching on Binance Alpha, PancakeSwap, Bitget, Gate, and MEXC; as of November, the project's FDV market cap exceeded $164 millions.

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

From blockbuster application to ecosystem builder, MEET48's vision is to become the benchmark project for Web3 entertainment and to build the next-generation Web3 entertainment infrastructure. At the initial stage, the team adheres to a content- and user-centric philosophy, starting from its strongest advantage—the idol economy—deeply integrating its years of idol development systems with AI technology and Web3 mechanisms, injecting a content ecosystem with real participation and user stickiness into Web3 entertainment.

In the digital wave, idol culture is also moving toward a new stage of virtualization and intelligence. AI technology breaks the boundaries of physical performance, enabling virtual idols to offer 24/7 companionship, interaction, and personality extension that real people cannot achieve. The commercial potential of virtual idols is being rapidly validated: Japan's Hatsune Miku and China's Luo Tianyi have long become top cultural IPs; with breakthroughs in generative AI, traditional entertainment giants are also entering the field: Korea's SM Entertainment launched the virtual idol Naevis; Netflix introduced the virtual group HUNTR/X and Saja Boys through the animated film "K-Pop Demon Hunters," breaking multiple real artist records on platforms like Spotify. As a16z pointed out, virtual idol development is growing into a potentially trillion-dollar track.

However, these still belong to centralized "platform star-making" models. MEET48 is the first among entertainment giants to break out of the Web2 framework. With keen industry insight and nearly two decades of content operation and technology R&D experience, MEET48 is realizing the true democratization of "star-making power" by combining AIUGC tools with Web3 mechanisms.

Backed by a fan base of 30 million and over 40,000 music copyright resources, the MEET48 platform has built a complete creation and value cycle system:

MEET48's Web3 Flywheel

1.      AIDOL Producer: A one-stop AIUGC toolset supporting character creation, stage production, and performance content generation;

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

3.      Metaverse: An immersive social and creative space for the long-term accumulation of users and assets.

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

1.     Proof of Creativity (PoC): Replacing computing power or staking models with creative value, content value certification is completed by community members and fans through governance token voting;

2.     Virtual World Assets (VWA): Incorporating virtual characters, works, and content into the tokenized circulation system, providing the creator community with the foundation for assetization and commercialization.

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

When the platform is no longer the monopolizer of value but becomes an enabling tool; when creativity is unleashed and content can be confirmed and incentivized, value can truly return to users, and the potential of the creator economy can be fully unleashed. This is the unique opportunity brought by AI+Web3 and will become the inevitable direction of content industry evolution.

Riding the wave is just the beginning; the ability to execute is the key to success. Unlike most Web3 entertainment projects that remain at the conceptual stage, MEET48 possesses
the most scarce systematic execution capability in the Web3 field:

1.     On the technical level, MEET48 has unique data and algorithmic barriers. Two decades of accumulated music and dance data provide a natural advantage for model training; a R&D team of over 500 covers 3D virtual humans, large music and dance models, AI entertainment agents, and metaverse socialization, forming a systematic technical framework that fully upgrades the "idol development" model for the intelligent era.

2.     On the operational level, the team has created phenomenal games such as "Audition" and built the SNH48 ecosystem, covering five major groups, over 300 artists, and 30 million fans, with landing experience and a starting advantage that other teams find hard to replicate.

3.     On the traffic level, MEET48 will bring SNH48's voting mechanism on-chain during 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 into the mainstream.

The entertainment and content industry has always been the most penetrative sector of the internet, and the virtual idol track, empowered by AI technology, is most likely to achieve mass adoption first. MEET48 has accurately seized the opportunity of the era and, relying on its four major advantages—model experience, technical system, operational capability, and traffic base—is taking the lead toward the center of transformation.

Just as 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 Supergroup

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

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

At the initial stage, MEET48 is the "star-making factory" of the Web3 world, breaking centralized production barriers with AIUGC and truly returning creative rights to users; in the more distant future, it is moving toward a grander endgame—becoming the Web3 entertainment infrastructure that reshapes the underlying rules.

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

MEET48's Fourfold Advantage: Comprehensive Coverage of Technology, Applications, Users, and Assets

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

In terms of applications and users, MEET48 has a massive fan base and mature product implementation capabilities;

On the asset side, AIUGC solves the supply side of content assets (VWA), while the PoC mechanism establishes value consensus and rights confirmation systems.

Relying on a complete technical system and the ecological support of BNB Chain, MEET48 is committed to building a benchmark for Web3 entertainment, integrating and attracting more entertainment IPs, content, and applications transitioning to Web3, jointly building the EVM and BSC ecosystems, 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 financial infrastructure of Web3—the "on-chain NASDAQ"—MEET48 is also following a similar path: using AIUGC as the engine, Web3 as the foundation, reshaping the entire chain logic of content production and value distribution, and building the "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 growth space of tens of billions of dollars for MEET48.

V. The Only Carrier of the Hundred-Billion Ecosystem Value: IDOL Is Replaying 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 is also highly similar to BNB and can be analyzed from two aspects:

1.     Functional attribute: As a functional token, IDOL undertakes multiple core roles in the ecosystem, including voting, purchasing virtual goods and services, etc., forming stable usage scenarios and holding demand;

2.     Asset attribute: Achieving direct linkage with ecosystem growth through a burn mechanism.

BNB forms a deflationary effect through quarterly automatic burns and fee burns, while IDOL also adopts a "dual burn mechanism":

Voting pool burn: A fixed proportion of IDOL tokens generated from SNH48 (and future virtual idol) voting events will be regularly burned from the voting pool;

Transaction fee burn: Daily transaction interactions within the ecosystem will continuously reduce the circulating supply of IDOL.

Deflation on the supply side and growth on the demand side create a healthy token circulation mechanism, enabling IDOL's value to grow in sync with the ecosystem.

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 the Web3 entertainment ecosystem expands comprehensively, IDOL will become the core carrier of tens of billions of dollars in value.

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

Just as Netflix reshaped the global content distribution landscape with its streaming model, MEET48, with its deep accumulation in content and product operations and systematic breakthroughs in AI and Web3 technology, is reconstructing the production and value distribution paradigm of the content industry, ushering in Web3 Entertainment centered on value-functional token design empowering the co-creation economy.

As a pioneer of this wave, MEET48 has already validated the feasibility of integrating Web3 and entertainment. On the basis of a massive fan economy, mature business model, and 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, leading with its own successful practices, using PoC Chain as the incubation base, driving more projects to accelerate along the path of Web3 Entertainment, jointly shaping a new pattern of decentralized entertainment economy, and ushering in the "Netflix moment" of Web3 Entertainment.

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

On November 4, 2025, Hash Global organized a closed-door workshop on "Web3 Entertainment" in Hong Kong, inviting MEET48, OFFGRID (Web3 ticketing and Fanvestment IP incubator), Innow (Japanese influencer and idol platform), IPDex (Hong Kong cultural copyright trading center), JCube (cultural, sports, and entertainment copyright holding and ecosystem operation), ENT (end-to-end music entertainment content assetization and distribution platform), BitX (the first UGC social prediction platform), Sortes (on-chain welfare lottery and raffle platform), and other teams to exchange experiences, share traffic, pool strength, and form a Web3 Entertainment consensus.

Taking the opportunity of this report's release, all parties announced the joint launch of the "Web3 Entertainment Alliance," hoping to attract and connect more Web2 and Web3 entertainment projects and resource providers to jointly promote the co-construction of a decentralized entertainment economic ecosystem and the mass adoption of Web3 entertainment.

The Web3 Entertainment Alliance will provide a platform in the future to jointly explore the following issues (examples):

How to use real users and high-quality content as the foundation, connecting and unlocking ecosystem value with Web3 technology;

How to build an economic circulation mechanism with a sustainable token economic system that has both value and functionality at its core;

How to introduce and convert real Web2 users while attracting native Web3 users, bridging the connection between traditional entertainment users and on-chain users;

How to use Web3 to build a globally unified user system and achieve precise cross-industry traffic delivery, etc.

The alliance will hold online and offline events from time to time to promote communication and cooperation among members and to drive the integration and joint development of the Web2 and Web3 entertainment industries. If you are interested in joining or want to learn more, please contact us as follows:

Hash Global: X @HashGlobal

MEET48: X @meet_48

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