Animoca Brands has announced a partnership with Cube Entertainment, a Korean musical company, to create a “K-pop metaverse.”
Nonfungible tokens (NFT) continue to disrupt the established entertainment sectors, with Animoca Brands teaming with Cube Entertainment, a South Korean record label, talent agency, and music production organisation, to create a “K-pop music metaverse.”
The cooperation, which was announced on Monday, will see Animoca and Cube collaborate to develop multimedia NFTs honouring prominent actors and K-pop singers on Cube’s roster. The NFTs will incorporate photographs of artists and album cover, as well as digital music sources such as full-length albums.
Yat Siu, co-founder of Animoca Brands, expressed excitement at the prospect of collaborating with Cube to “make the open metaverse a reality.” The cooperation, according to Animoca, would enable “real digital property rights and other blockchain advantages” for both Cube’s roster artists and their followers.
Cube CEO Ahn Woo-hyung said that the partnership would be “a critical first step toward dominating the global digital culture market and furthering the digital content sector.”
Cube handles around 50 musicians from the K-pop genre, including BtoB, Pentagon, (G)I-DLE, and Lightsum. Siu has long stressed the disruptive form of ownership afforded by NFTs, previously comparing the effect of nonfungible tokens on property rights progress to the Renaissance in early-modern Europe in July 2020.
Animoca has been intimately involved in a number of significant milestones in the rise of NFTs, having invested in Dapper Labs after seeing the business put the Ethereum network to a halt in 2017 as a consequence of the widespread popularity of CryptoKitties from a nearby office.
In 2020, Animoca signed a worldwide license deal with Formula 1 for the debut of its F1 Delta Time game, followed by the sale of $3 million worth of virtual land NFTs for its metaverse subsidiary The Sandbox in a Binance-hosted initial exchange offering later that year. The Sandbox raised a further $93 million in November 2021 to extend its NFT metaverse.
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