Animal Concerts Teams Up With Korean Klaytn: K-Pop In The Metaverse?

Animal Concerts Teams Up With Korean Klaytn: K-Pop In The Metaverse?

The Metaverse Concert Organizer “Animal Concerts” has partnered with South Korean unicorn Kakao’s Klaytn network to increase its exposure to the Korean entertainment industry and facilitate Klaytn’s global expansion plans.

Klaytn’s January 10 announcement explains that The partnership between Klaytn and Animal Concerts is expected to help Klaytn increase the number of NFTs that are traded on the platform.. Klaytn is one of the three blockchains with native support on OpenSea, the largest market for NFT, but has the lowest transaction volume. Klaytn’s parent company Kakao is also planning an NFT and Metaverse platform called Kakao Games.

Animal Concerts will organize and promote concerts in the Metaverse and plans to issue a cryptocurrency, non-fungible tokens (NFT), and merchandise for the main artists of the recording. The US-based brand has already established a relationship with Alicia Keys to promote his album KEYS.

Animal Concerts CEO Colin Fitzpatrick believes that NFTs could be a way for the music industry to increase revenue that has been lost since the start of the Covid-19 pandemic. Artists who experience show and tour cancellations lose income and the ability to connect with their fans in a live setting. Holding concerts in the pandemic-free Metaverse could dramatically change the way concerts are lived and avoid disappointment from a canceled show, while reducing touring costs.

Fitzpatrick told Cointelegraph that working with Klaytn is the perfect partnership, as “Klaytn’s main targets are the NFTs and the Metaverse.”

It also hopes to gain greater access to South Korea’s music entertainment market., of USD 6,000 million:

“Korean entertainment will be huge for Animal Concerts.”

Fitzpatrick noted that while “technical limitations prohibit the number of people who can actually attend a concert in the Metaverse” due to current scalability issues, he hopes to build a network of virtual venues across existing and new Metaverse platforms. to host concerts in a way similar to tours. “It’s difficult to get the first concerts going, but over time people will start coming to us,” he said.

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Klatyn is a large enterprise-backed blockchain, but Fitzpatrick is not concerned about decentralization. Klaytn’s governing council includes 30 entities, mostly corporateThese include Shinhan Bank, LG Electronics, Netmarble, and cryptocurrency-based entities Maker and Binance.

From Fitzpatrick’s point of view, there may be those who criticize decentralization, but “there are many blockchains that are not as decentralized as advertised.”

He also believes that corporate entities that participate in the blockchain space also have advantages:

“I don’t think people fully appreciate how things are going to work with a blockchain backed by a giant like this.”

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