Gaspack Efforts to Support the Creation of Value for Works of Art Through the Web3 Platform

Since 2020, Gaspack has started its journey to advance domestic creators and support the creation of value for their works. This mission is realized through the development of a digital comic platform, as well as funding support from a number of VCs and angel investors.

A glance at the Gaspack startup:

• Established by Irzan Raditya (CEO Kata.ai), Novrizal Pratama (CEO) and Sunny Gho (Chief Creative Officer). Both Novrizal and Sunny have been involved in the creative industry for a long time, especially Sunny who is also a colorist at Marvel Comics.
• Has two business models, namely a digital comic publishing platform non-fungible token or NFT (B2C) and the Gaspack application (B2B) as a link between brand, creator or artist, with super fans.

In a virtual chat with DailySocial.id, Novrizal Pratama has full confidence in its further development after its decline crypto and NFT markets since the last few years.

About ownership rights and monetization

According to Rizal, monetization of works has always been a stumbling block in Indonesia because many artists or creators are still paid in the form of commission (order). Gaspack is trying to change its monetization model with a primary focus on ownership rights and intellectual property (IP). For example, the main source of monetization comes from selling NFT comics with a portion of 50%-70%, while royalties are a secondary source.

"At the beginning of 2021, Sunny and I had a chance to chat about the many creators in Indonesia and their work was great. It's just that they didn't have a platform. At that time, crypto and NFT were booming here and we are also exploring the product. It turns out, many creators are introducing their work via NFT. We think this is an interesting opportunity. How can we help these artists and creators through the platform?" he said when opening the conversation.

From here, Rizal and Sunny invited Irzan Raditya, Co-Founder of Kata.ai who was also interested in NFTs. Currently, Irzan holds the position of Chairman at Gaspack.

Long story short, before starting Gaspack, they launched an NFT pilot project called JPG People by Debbie Tea. The project was called a success with sales of up to $1,5 billion in 48 hours. The majority of sales go into the creator's pockets. "We saw NFTs being the right medium, and this could be it solid business case. Why don't we make it a business model sustainable and scalable in the long term."

"Kometh" and "Gaspack App"

Gaspack's debut began via the digital comic platform "Kometh". There are around 7-8 NFT comic projects published in early 2022, one of which is Azuki which was sold 17.000 times. The Kometh platform is targeted at the B2C segment which brings together creators with individual buyers or fans.

Kometh allows creators to publish and sell their work directly to readers or fans. Buyers can utilize NFT tokens to access comics on Kometh.

"The reason we focus on comics is that this is a collectible product. Not only read, but also collected. Yes value especially if the units are limited. Comics as body of work from IP. There is storytelling, there is the introduction of characters, which can be developed into games, films, or merchandise. Finished comic entry point which is good for IP."

Gaspack is also developing a B2B model to significantly drive Web3 adoption. Past Gaspack App, owner brand working with creators or artists to develop loyalty programs through collectible products.That way, brands and creators can always be connected to their community of fans or users.

For example, collectible products released by the milk brand Ultra Milk. There are 85 thousand Ultra Milk collectible products that can be found on the Gaspack App. Interestingly, Rizal said that the Gaspack App makes it easier to claim NFT assets without needing crypto. According to him, this step was taken to target segments that are not familiar with the use of crypto. Apart from that, he believes that purchasing digital assets is generally a long process.

"Owner focus brand is to get people to enter and stay in the ecosystem. Loyalty programs, if run effectively, can actually be cheaper spending-compared to using advertising. The impact of customer retention is greater than acquisition."

Waiting for the Web 3 market to improve

Rizal also added that he is currently preparing a new IP which can be released at any time if Web3 market conditions improve. This product is designed to be immune from volatile market impacts, and will not have an impact on business.

"We thought about how to make a product that could sustain and withstand market impacts. We have prepared some secret weapon which we will hold until the market improves.

Having fallen by 90%, the value of NFTs is reportedly starting to increase again towards the end of 2023. According to report Bitcoin.com, NFT sales in the first week of December rose 57% to $316 million compared to the previous week. In detail, NFT-based NFT sales still dominate sales volume with an increase of 171,8%, followed by ETH NFTs (6,6%).

Gaspack also expressed interest in raising funding early next year. Previously, Gaspack had pocketed it pre-initial investment from eMerge, as well as Global 500 and Tokoin participation in March 2023.

"This initial fundraising needs momentum because right now [the investment climate] is changing dry. "So, we hope that this momentum can be realized in line with the improving market situation," he concluded.