Palo Alto, Saturday, September 7, 2024 – Aptos Labs announced on August 29 a strategic investment in Mereo, aiming to modernize fan engagement and address asset scalping in the music and entertainment industries.
This partnership seeks to enhance how artists and intellectual property (IP) owners connect with their fans, while tackling the issue of unfair asset distribution.
Mereo, a platform designed to reshape fan loyalty, will leverage its technology to offer artists a novel approach to recognizing and rewarding their most dedicated supporters. Unlike traditional systems that rely on fungible tokens and NFTs, Mereo’s model uses soulbound digital assets to track and reward fans based on their historical interactions.
Fans can earn benefits such as early access to merchandise and exclusive event experiences by accumulating contributions on their fan journey. These contributions are recorded on-chain, linked to a fan’s unique digital identity, and cannot be transferred, ensuring a more equitable system.
Aptos Labs, known for its innovative Digital Asset (DA) standard, will work with Mereo to develop a solution that prevents IP-related asset scalping. This new approach ensures that redeemable real-world assets remain with loyal fans and are non-transferable, thus curbing potential profiteering.
Aptos Labs, co-founded by Mo Shaikh and Avery Ching, continues to advance blockchain technology, with backing from major investors including a16z and PayPal Ventures.
For more information, visit Aptos Labs.
