Cube Entertainment is now partnering up with Animoca Brands to build an NFT "K-pop metaverse." With NFTs becoming more and more popular, K-pop is a field of entertainment that hasn't strongly ventured into the NFT space. This, however, could all change.
K-Pop Music Metaverse
According to the story by CoinTelegraph, Nonfungible tokens or NFTs are now continuing to disrupt the mainstream entertainment industries. This is through the popular NFT gaming firm known as Animoca Brands and their partnering up with Cube Entertainment, a Korean record label, talent agency, and music production company.
Both Cube Entertainment and Animoca Brands are planning to build a "K-pop music metaverse." Animoca and Cube announced their partnership on November 15. The two plan to work together in order to create multimedia NFTs that celebrate popular actors and K-pop musicians that exist on Cube's roster.
The NFTs will feature images just like artist portraits and album art. This will reportedly also include digital sound sources along with full-length albums. Animoca Brands chief executive, Yat Siu, gave a statement noting he cannot wait to start working along with Cube in order to make the open metaverse become "a reality."
Animoca also described the partnership as being able to enable true digital property rights as well as blockchain benefits for both the artists that are in Cube's roster along with their fans. CEO of Cube, Ahn Woo Hyung, noted that the collaboration will actually be an important start" for leading the whole global digital culture market as well as advancing the whole digital content industry.
Cube entertainment Managed Artists
Cube currently manages around 50 K-pop artists which include BtoB, Pentagon, Lightsum, and (G)I-DLE. Siu has been long emphasizing the disruptive form of ownership that is enabled by NFTs.
Siu previously likened the impact of NFTs on the advancement of property rights to the whole Renaissance during early-modern Europe back in July 2020. Animoca has been closely linked to a number of key milestone growths when it comes to NFTs.
Animoca Labs Successful Investments
Animoca has previously invested in Dapper Labs after they witnessed the firm bring even the Ethereum network to its knees due to the result of the rampant success that CryptoKitties brought back in 2017 from a neighboring office. In 2020, Animoca was able to secure a global licensing agreement along with Formula 1 for the launch of its very own F1 Delta game.
This was even before selling $ million worth of virtual land NFTs for Animoca's very own metaverse subsidiary known as The Sandbox in an initial exchange offering that was hosted by none other than Binance at the end of the year. During the start of November, The Sandbox was able to raise $93 million in order to expand its own NFT metaverse, as seen in a report made by VentureBeat.
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Written by Urian B.