The Non Fungible token (NFT) industry is solidifying its roots in the mainstream entertainment industry and crypto market. The Hong Kong-based NFT gaming firm and venture capital Animoca Brands has announced its partnership with the Korean record label, music production company, and talent agency Cube Entertainment to create a metaverse around K-pop music.
The partnership of Animoca Brands and Cube around the K-pop music metaverse aims to celebrate famous actors and K-pop musicians by creating multimedia NFTs. The announcement on November 15 states that the NFTs will feature artist portraits and album art along with digital sound sources, including full-length albums.
K-pop Metaverse could be a milestone in the digital content industry
The Chief Executive Officer (CEO) of Animoca Brands, Yat Siu, said that he is really excited to start working with Cube with the goal of making the open metaverse a reality. He added that the partnership would enable true virtual property rights and various benefits for both creators and fans on Cube’s roster.
The CEO of Cube Ahn Woo Hyung, on the other hand, said joining hands with Animoca is a significant step for the company for leading the digital culture market and adopting the virtual content industry. The company manages around 50 famous K-pop artists, including BtoB, Lightsum, (G)I-DLE, and Pentagon.
Animoca Brands CEO stressed the importance of the disruptive form of ownership offered by NFTs. The venture capital is known for its close link to major milestones in the NFT world’s growth. After Dapper Labs brought the Ethereum network, Animoca decided to invest in it.
Last year, Animoca helped Formula 1 to launch its F1 Delta Time game and secured a global licensing agreement. Recently in November, the company raised around $93 million for the expansion of its NFT metaverse projects.
The humongous price surge of Decentraland Metaverse token (MANA) is a proof of rising interest in the digital sphere. The MANA token is used to own and trade virtual LAND in Decentraland metaverse. While Facebook also turned a new leaf with Meta, it seems that this new blockchain-based technology will attract more institutions, including Microsoft.