All Press Releases for November 07, 2022

Yea Studioto provide NFT service to 13 million drawing apps!

To launch 'Junimong NFT' for creators preparing for Web3.0

    LOS ANGELES, CA, November 07, 2022 /24-7PressRelease/ -- Yea Studio (CEO Won-man Choi) revealed that they plan to launch 'Junimong NFT', which functions as a membership that includes benefits such as the issuance of NFTs from creators on thepainting tool app they operate, and creative activities and NFT transactions on the metaverse.

Yea Studio is a company that has provided various apps (applications) based on painting content since its establishment in 2012. It is an enterprise that has developed and introduced coloring apps such as ColorFil and Sandbox Color, which recorded more than 9 million downloads and were selected as the best entertainment apps of 2017 in Google Play, and PainterUs, a live painting broadcasting platform.

Of those, 'Junimong', produced based on independent intellectual property rights (IP), has quickly emerged as a painting social media app used in 135 countries around the world. It has secured 2.5 million users so far and has been selected as a global feature in the Google Play Store, attracting investment from East Gate Partners and IBK.

It has about 13 million customer data points accumulated through various services and more than 400 million pieces of painting content. Yea Studio plans to launch Junimong NFT to provide NFT issuance and technical support for creators' content transaction demands.

Junimong's name, with the motif of a monkey, reflects the ideology and motto of Yea Studio and serves as its mascot. As a compound word it contains the intuitive meaning of its aspiration to approach young consumers in a playful way (Junior [Juni] + Monkey [mong]), as well bringing up the company's aspiration to give dreams to creators on the platform (give [juda] + dream [mong]).

The ultimate direction Junimong NFT wishes to pursue is to establish a painting ecosystem where people can communicate and paint with their online painting buddies, and creators, collectors, and curators coexist and split profits with NFT transactions in the metaverse (virtual space). It is predicted that the future social activities of this generation of teenagers will be making money by doing their hobbies with communities that share the same interests. From this point of view ,the platform is also intended to change into a community service.

In addition, the breadth of benefits that guarantee their profitability has been expanded for the continuous influx and attraction of creators. Copyrights of works, such as creations of artists belonging to a specific platform, often belong to the platform in charge of publishing. On the other hand, Yea Studio realizes profits by operating business rights for publicity and marketing activities and ensures that copyright fees are continuously provided to creators even if NFTs are resold.

Furthermore, after minting creative works, it will actively utilize the marketing and networking capabilities that Yea Studio has accumulated over the years to gain awareness for it. With the experience of providing various global apps and services, it has accumulated customer data of 13 million people across all apps and services.

Based on Yea Studio's strong know-how in operating a painting community, it plans to induce the participation of existing service subscribers. Based on this, it plans to secure NFT contents by linking more than 400 million painting contents with the minting system, and actively utilize the IPs owned by Yea Studio, including Junimong. So far, the company has 6 independent patents and is in the process of applying for14 more.

Continued efforts to secure a comparative advantage over other projects are also done through the development of block chain source technology. Yea Studio has recently collaborated with ETRI (Korea Electronics and Telecommunications Research Institute) to participate in the research and development of the PoN (Proof of Nonce) method of consensus algorithm-related technology that dramatically lowers the gas fee, which is equivalent to the Ethereum network usage fee. After that, the company plans to commercialize it by utilizing the said technology in its web/app service after undergoing a verification process to enhance its level of completeness.

CEO Won-man Choi explains, "If you own Junimong NFT, you can use the NFT minting system for up to 100 copies for free. It was also designed considering the collector's economic profit and additional community membership benefits, such as receiving gifts (via airdrop) of metaverse-related NFTs and synthetic NFTs created by Junimong NFT creators, that will be added in the future. It can also promote a sense of belonging and intimacy with the community, such as by allowing them to see the works of their favorite creators more quickly or planning special experiences where they can communicate directly with creators."

As a member of the Digital Content Company Growth Support Center, Yea Studio is accelerating the launch of an NFT service equipped with an automatic minting system by strengthening corporate capabilities through continuous IR demo days and external PR and marketing support.

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