Animoca Brands will help Cube Entertainment create the K-pop metaverse while showcasing imagery such as album covers and artist portraits as well as digital sound sources such as full albums.
The adoption of non-fungible tokens (NFTs) in the consumer entertainment industry continues to grow. Recently, the NFT Animoca Brands gaming platform has teamed up with famous Korean music production company Cube Entertainment. As announced on Monday, November 15, Animoca Brands and Cube will build a “K-pop music metaverse”. The two partners will work together to create multimedia NFTs celebrating some popular actors and other K-pop musicians. In addition, NFTs will also feature images such as album art and artist portraits as well as digital sound sources such as full albums.
It seems popular established brands are keen to dive deep into the world of NFT and the metaverse. Animoca Brands general manager Yat Siu said he is looking forward to starting working with Cube on the Metaverse project. Animoca called the partnership “true digital property rights and other blockchain-related benefits.”
Cube Entertainment CEO Ahn Woo Hyung further called the collaboration “an important start to leading the global digital culture market and advancing the digital content industry.” Cube also currently manages over 50 K-pop artists. This includes big names like Pentagon, BtoB, (g) IDLE and LightSum.
Siu is a big fan of non-fungible tokens (NFTs) and said they have disrupted the ownership of digital assets. On the other hand, Animoca has been active in reaching key milestones in the NFT world. He has invested in popular NFT platforms like Dapper Labs.
Last year, Animoca secured a worldwide licensing deal with Formula 1 for the launch of its F1 game Delta Time. The platform also sold $ 3 billion worth of virtual land-based NFTs for its metaverse subsidiary The Sandbox.
Why are global brands heating up to NFTs and the metaverse?
Non-fungible tokens (NFTs) have been all the rage in the market this year. The idea of selling unique assets in the form of digital tokens has gained tremendous momentum this year. Multi-million dollar NFTs were traded in 2021.
Brands have quickly embraced this new trend as NFt allows them to sell authentic products protected by blockchain transparency. They help eliminate duplicates that help brands stay ahead of the market.
Additionally, NFTs provide a unique way to trade assets in the virtual world of Metaverse. As Facebook (Meta) and many other tech giants embark on building the Metaverse and Web 3.0, NFTs will find a unique use and place.
Bhushan is passionate about FinTech and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrency. He is continually in a learning process and remains motivated by sharing his acquired knowledge. In his spare time, he reads thrillers and occasionally explores his culinary skills.