Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Animoca Brands will help Cube Entertainment to build the K-pop Metaverse while featuring images like album arts and artists’ portraits along with digital sound sources such as full-length albums.
The adoption of non-fungible tokens (NFTs) in the mainstream entertainment industry continues to grow higher. Recently, the NFT gaming platform Animoca Brands joined hands with Korea’s popular music production company Cube Entertainment. As announced on Monday, November 15, Animoca Brands and Cube will build a “K-pop music metaverse”. The two partners will work together to create multimedia NFTs celebrating some popular actors and other K-pop musicians. Besides, the NFTs will also feature images like album arts and artists’ portraits along with digital sound sources such as full-length albums.
It looks like popular established brands are keen on diving deep into the world of NFTs and metaverse. Animoca Brands chief executive Yat Siu said that he cannot wait to begin working with Cube on the Metaverse project. Animoca referred to this partnership as enabling “true digital property rights and other blockchain benefits”.
Cube entertainment CEO Ahn Woo Hyung further called this collaboration “an important beginning for leading the global digital culture market and advancing the digital content industry”. Cube is also currently managing more than 50 K-pop artists. This includes big names like Pentagon, BtoB, (g)IDLE and LightSum.
Siu is a big fan of non-fungible tokens (NFTs) and said that they have disrupted the ownership of digital assets. On the other hand, Animoca has been active in hitting key milestones in the world of NFTs. It has invested in popular NFT platforms like Dapper Labs.
Last year, Animoca secured a global licensing agreement with formula 1 for launching its F1 Delta Time Game. The platform also sold $3 billion worth of virtual land NFTs for its metaverse subsidiary The Sandbox.
Why Are Global Brands Warming Up to NFTs and Metaverse?
Non-fungible tokens (NFTs) have created a major rage in the market this year. The idea to sell unique assets in the form of digital tokens has gathered major steam this year. NFTs worth millions of dollars have been traded in 2021.
Brands have been quickly embracing this new trend as NFts allow them to sell authentic products protected by the transparency of the blockchain. They help to eliminate duplicate stuff that helps brands to maintain the edge in the market.
Furthermore, NFTs provide a unique way of exchanging assets into the virtual world of Metaverse. As Facebook (Meta) and many other tech giants are going heavily after building the Metaverse and Web 3.0, NFTs will find a unique utility and place of their own.