Non-fungible tokens (NFTs) continue to enter the entertainment industry, and game company NFT Animoca Brands has teamed up with Korean record label, talent agency, and music producer Cube Entertainment to create a “K-pop music metaverse.”
Announced on November 15, The partnership will see Animoca and Cube work together to create multimedia NFTs that celebrate popular K-pop actors and musicians from Cube’s roster. The NFTs will feature images such as artist portraits and album art, and will also include digital sound sources such as full albums.
Yat Siu, CEO of Animoca Brands, stated that he is eager to start working with Cube to “make the open metaverse a reality”. Animoca described the partnership as one that enables “true digital property rights and other blockchain benefits” for both the artists on Cube’s roster and their fans.
Ahn Woo Hyung, CEO of Cube, said that The collaboration will be “an important start to lead the global digital culture market and advance the digital content industry.”
Cube manages about 50 K-pop artists, including BtoB, Pentagon, (G) I-DLE and Lightsum.
Siu has long emphasized the disruptive form of ownership that NFTs enable; in July 2020, he compared the impact of non-fungible tokens on advancing property rights to the Renaissance in early modern Europe.
Animoca has been closely linked to many key milestones in the growth of NFTs; invested in Dapper Labs after watching the firm bring the Ethereum network to its knees as a result of CryptoKitties’ rampant success in 2017 from a neighboring office.
In 2020, Animoca secured a global license agreement with Formula 1 for the launch of its F1 Delta Time game, before selling $ 3 million worth of virtual land NFTs to its metaverse affiliate The Sandbox in an initial exchange offering hosted on Binance at the end of the year.
In early November 2021, The Sandbox raised another $ 93 million to expand its NFT metaverse.
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