Non-fungible tokens (NFTs) continue to disrupt the mainstream entertainment industries, with games company NFT Animoca Brands teaming up with Korean label, talent agency and music production company Cube Entertainment, to create a “Metaverse of K-pop music”.
Announced on November 15, the partnership will see Animoca and Cube working together to create multimedia NFTs celebrating popular K-pop actors and musicians on Cube’s roster. NFTs will include images such as artist portraits and album art, as well as digital sound sources such as full albums.
Yat Siu, Managing Director of Animoca Brands, said he was eager to start working with Cube to “make the open metaverse a reality”. Animoca described the partnership as enabling “true digital property rights and other blockchain benefits” for the Cube List artists and their fans.
Cube CEO Ahn Woo Hyung said the collaboration will be “an important start in leading the global digital culture market and advancing the digital content industry.”
Cube manages around 50 K-pop artists, including BtoB, Pentagon, (G) I-DLE and Lightsum.
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Siu has long focused on the disruptive form of ownership allowed by NFTs, previously comparing the impact of non-fungible tokens on the advancement of Renaissance property rights in early-modern Europe to July 2020.
Animoca has been closely linked with many key stages in the growth of NFTs, having invested in Dapper Labs after seeing the company bring the Ethereum network to its knees following the runaway success of CryptoKitties in 2017 from a neighboring office.
In 2020, Animoca secured a worldwide licensing agreement with Formula 1 for the launch of its Delta F1 time game, before selling $ 3 million worth of virtual terrestrial NFTs for its subsidiary Metaverse The sandbox in a first exchange offer hosted by Binance at the end of the year.
Beginning of November 2021, The sandbox raised an additional $ 93 million to expand its NFT metaverse.