Animoca Brands has unveiled a partnership with Cube Entertainment, a Korean record label, to create a "K-pop metaverse."
Nonfungible tokens (NFTs) are continuing to rattle the conventional entertainment industries, with Animoca Brands partnering with Cube Entertainment, a Korean record label, talent agency, and music production company, to create a "K-pop music metaverse."
The partnership, which was announced on November 15, will see Animoca and Cube collaborate to produce multimedia NFTs honouring Cube's collection of popular actors and K-pop musicians. The NFTs will incorporate digital sound sources including full-length albums, and also images such as artist portraits and album art.
Animoca Brands CEO of Yat Siu stated that he is looking forward to working with Cube to "make the open metaverse a reality." The partnership, according to Animoca, will allow "true digital property rights and other blockchain benefits" for both Cube's roster artists and their fans.
The alliance would be "an important beginning for leading the global digital culture market and advancing the digital content industry," according to Cube CEO Ahn Woo Hyung.
BtoB, Pentagon, (G)I-DLE, and Lightsum are among the 50 K-pop artists managed by Cube.
Siu has long asserted the destructive form of ownership facilitated by nonfungible tokens, equating the impact of nonfungible tokens on property rights development to the Renaissance in early-modern Europe in July 2020.
Animoca has been directly associated with various significant milestones in the development of NFTs, having invested in Dapper Labs after experiencing the firm bring the Ethereum network to its knees as a consequence of the enormous success of CryptoKitties in 2017.
Animoca endorsed a global licensing agreement with Formula 1 for the release of its F1 Delta Time game in 2020, before selling $3 million in digital land NFTs for its metaverse subsidiary. The Sandbox is an initial exchange offering hosted by Binance at the end of the year.
The Sandbox raised an additional $93 million in November 2021 to expand its NFT metaverse.
