Animoca Brands reveals plans for an upcoming K-pop NFT metaverse
NFT gaming company, Animoca Brands have announced they are partnering with South Korean music production and record label company Cube Entertainment for building a “K-pop music metaverse.”
The announcement came on November 15 amid NFTs continuing to disrupt the mainstream entertainment industries. The latest partnership would see both Animoca and Cube coordinate their efforts towards creating multimedia NFTs that celebrate popular actors and K-pop musicians on Cube’s roster.
The NFTs would also feature artist portraits, album art as well as digital sounds, including full-length albums.
Co-Founder of Animoca Brands, Yat Siu, has stated that he is eagerly waiting to start working with Cube in order to “make the open metaverse a reality.” Animoca has also described the collab as enabling “true digital property rights” and other benefits of the blockchain technology for both the artists on Cube’s roster and their fans.
Cube’s CEO, Ahn Woo-hyung, has said that the partnership is “an important beginning for leading the global digital culture market” and hopes this would contribute to advancing the digital content industry.
At present, Cube manages almost 50 K-pop artists, including BtoB, (G)I-DLE, Pentagon and Lightsum.
For long, Siu has been emphasizing the disruptive form of ownership that is made possible by the NFTs, previously in July 2020 actually comparing the impact of nonfungible tokens on the advancement of property rights to the Renaissance in early-modern Europe.
Animoca Brands has recently been closely linked to several other key milestones in the growth of NFTs, where they invested in Dapper Labs after the firm brought the Ethereum network to its knees literally, as a result of the massive success of 2017 CryptoKitties from a neighbouring office.
Back in 2020, Animoca had secured a global licensing agreement with Formula 1 for launching the F1 Delta Time game before selling $3 million worth of the virtual land NFTs for its metaverse subsidiary, The Sandbox. It was sold in an initial exchange offering hosted by Binance towards the end of 2020.
At the beginning of November 2021, The Sandbox was reported to have raised a further $93 million, which it said it would utilize to expand its NFT metaverse.