IEO

Japanese crypto company Overs Co. Ltd have announced that Japan’s top record producer Yasushi Akimoto has been selected to act as the general producer of a project that will launch in the metaverse.

Overs wants Akimoto to create a new ‘idol group’ (equivalent to a boy or girl band) financed through a crypto initial exchange offering (IEO) next year.

Akimoto is arguably Japan’s top record producer and lyricist having sold over 100 million singles, with his J-pop groups such as AKB48 and Nogizaka46 earning global fame.

In a press release, Overs revealed that Akimoto would act as the as-yet unnamed group’s general producer, with the group promising to be active on the blockchain and in the metaverse, with digital goods on offer in the form of NFTs.

J-pop/metaverse crossovers have become extremely fashionable in recent years with a number of high-profile groups and companies launching metaverse-based products.

While attending a TV Tokyo event, Overs unapologetically declared their attraction to executives from AKB48 and Nogizaka46. They chose Akimoto as the general roducer, in charge of the overall strategy and operations plan for the entire idol group.

Overs to Join Metaverse – Initial Exchange Offering

An Initial exchange offering (IEO) is a method of raising funds by trading newly created crypto assets on virtual currency exchanges. It is a method in which a virtual currency exchange assists in financing a project, which includes an evaluation of the target firm by the JVCEA (Japan Crypto Asset Exchange Association) and financial regulators.

Overs announced in June that it had begun planning for an IEO to take place at the crypto asset exchange DMM Bitcoin. The company will issue the Nippon Idle Token (NIDT) to implement IEO in 2023 and begin trading on virtual currency platforms.

Overs also provided a detailed timetable for the future, including the IEO’s date. Here are the details.

  • Early 2023: IEO implementation
  • Spring 2023: Recruitment and selection of members
  • Summer 2023: Final member selection, decision, and training for the formation of a new idol group
  • Autumn 2023: A new idol group debuts
  • Winter 2023: A new idol group debuts and the Metaverse starts.

NIDT to Promote Idols

Overs intends to issue NIDT by the Ethereum (ETH) standard “ERC-20.” Users of NIDT can use it to promote and encourage idol activities. In the Metaverse, the NIDT ecosystem may develop in all idol activities such as concerts, events, and NFT (trading card games).

DMM.com, a joint venture that operates DMM Bitcoin and does IEO, has recently increased its focus on the Metaverse space. It announced the launch of a new Metaverse initiative called Mid Mega City (MMC) on September 9.

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