Dentsu Group Launches a Project to Form a Creator Economy on the Sui Blockchain

Dentsu Group Inc. (Tokyo: 4324; ISIN: JP3551520004; President & CEO: Hiroshi Igarashi; Head Office: Tokyo; Capital: 74,609.81 million yen; hereinafter referred to as "the Company") announced today that in collaboration with its R&D organization Dentsu Innovation Initiative (hereinafter “DII”^*1) and its affiliate company 3RD GEAR, Inc.^*2, it has started a project as an official partner of Mysten Labs, Inc. .(Headquarters: CA, USA; CEO: Evan Cheng; hereinafter referred to as “Mysten Labs”), an investee of Dentsu Ventures Fund II, the Company’s corporate venture capital fund, to create a creator economy by utilizing decentralized identifiers (DIDs)^*3 on the Sui blockchain^*4 ,of which Mysten Labs is the initial contributor, being developed by Mysten Labs.

Key visual image of the project　©3RD GEAR

The term “creator economy” refers to an economic zone in which individual creators use their own skills to provide products and services on the internet and generate revenue. The market size of the creator economy in Japan is estimated to be 1,357.4 billion yen^*5, and it is expected to grow further in the future due to the recent emergence of various SNS platforms and monetization methods.
In addition, due to the development of advanced technologies such as blockchain technology, the creation of a creator economy using web3 and the metaverse is also attracting attention.
To date, we have used NFTs to conduct demonstration experiments of the creator economy in the drama content area^*6. And in this Group project, we will promote the creation of a creator economy on Sui by spreading the Sui ecosystem and providing open innovation using blockchain technology for the Japanese game industry and digital entertainment industry.
Sui is a uniquely designed delegated proof-of-stake^*7 blockchain that enables creators and developers to build user experiences that enable the further spread of web3 in a wide range of areas, from games to social media and finance. We will develop and provide components that utilize DIDs technology on Sui, which features high processing power, fast transaction throughput, and security, provide support for the development of the Japanese IPs on Sui, support collaboration between overseas Sui ecosystem games and the Japanese IPs, and support the development system and other processes. As a result, more creators and developers will be able to participate in the web3 area using the Japanese IPs.

Going forward, we will continue to promote the creation of a society in which personal credit is formed using blockchain technology and information is distributed autonomously, mainly in the entertainment content domain.

*1:Dentsu Innovation Initiative is a Dentsu Group Inc. in-house organization that promotes R&D for the entire Dentsu Group. In addition, together with Dentsu Inc., Information Services International-Dentsu Ltd., and Septeni Incubate, Inc., it is a member of the “web3 club™” cross-Group organization that conducts new business research and implementation in the Web 3.0 area. Please refer to the following URL for the press release concerning the launch of “web3 club™.”
https://www.group.dentsu.com/en/news/release/000805.html

*2:Please refer to the following URL for details of 3RD GEAR, Inc.
https://3dgr.co.jp/

*3:DIDs refer to decentralized identifiers that utilize technology infrastructures such as blockchains.

*4: Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing, user-friendly experiences. Learn more: https://sui.io

*5:Source: Mitsubishi UFJ Research and Consulting’s “Survey Results on the Domestic Creator Economy”
URL：https://www.murc.jp/wp-content/uploads/2022/11/cr_221017-02_01.pdf (Japanese only)

*6:Reference: Press release entitled “Dentsu Group Inc., Asahi Television Broadcasting Corporation and Six Other Companies Launch “ghost Link,” a New NFT-Related Demonstration Experiment”
URL: https://www.group.dentsu.com/en/news/release/000939.html

*7:A type of important scheme in blockchain consensus algorithms. Refers to a mechanism wherein delegating (staking) a certain amount of tokens for a certain period of time contributes to the decision-making of the blockchain community and the operation of the consensus algorithm, and staking rewards (tokens) are obtained at a certain rate of percentage staking yield. These staking rewards are designed to secure blockchain network participants and maintain the network. One of the mechanism’s defining features is that it does not require a large amount of energy (electricity and computing power) compared to proof of work, which is part of the consensus algorithm adopted by Bitcoin.

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Contacts:
Business Inquiries:
Shinji Fumimoto
Senior Manager, Dentsu Innovation Initiative
URL: https://innovation.dentsu.com/
Email: innovation-initiative@dentsu.co.jp

Media Inquiries:
Isao Sato
Director, Group Corporate Communications Office
Dentsu Group Inc.
Email：group-cc@dentsu-group.com