Animoca Brands has stated that it is ready to partner with Korean record label Cube Entertainment to create a “K-pop metaverse.”
In recent months, non-fungible tokens have continued to disrupt the mainstream media and entertainment sectors. In that context, NFT gaming company Animoca Brands has partnered with a Korean record label, which doubles up as a talent agency and music production firm, Cube Entertainment.
This partnership was announced on November 15, 2021. It will see Cube and Animoca work to develop multimedia NFTs. These nonfungible tokens will celebrate popular actors and K-pop musicians who are on Cube’s roster. Notably, the NFTs will consist of images like album art and artists’ portraits. They will also feature digital sound sources that include full-length albums.
The chief executive of Animoca Brands, Yat Siu, said that he is eager to start working with Cube to ensure that the open metaverse becomes a reality. Animoca Brands described the new relationship as that which will enable:
“True digital property rights and other blockchain benefits for both the artists on Cube’s roster and their fans.”
The CEO of Cube, Ahn Woo Hyung, said that the new partnership will be:
“An important beginning for leading the global digital culture market and advancing the digital content industry.”
Cube manages around 50 K-pop artists like Pentagon, (G)I-DLE, BtoB, and Lightsum. Siu has mostly insisted on the disruptive form of ownership that is enhanced by NFTs. Previously, he even compared the impact of NFTs on the rapid advancement of property rights to the Renaissance in early-modern Europe sometime in July 2020.
Animoca Brands Joined NFT World
Animoca Brands has been majorly linked to many critical milestones in the growth of non-fungible tokens. It has already invested in Dapper Labs after it saw the company push the Ethereum network to its knees due to the massive success of CryptoKitties in 2017 that happened from a neighboring office.
Last year, Animoca managed to secure a global licensing agreement with Formula 1 to enable it to launch the F1 Delta Time game. Later, it sold $3 million worth of virtual land NFTs for its metaverse subsidiary ‘The Sandbox’ in an initial exchange offering (IEO) that was hosted by Binance at the end of the year.
At the beginning of this month, The Sandbox raised another $93 million to expand its non-fungible token metaverse.
Metaverse And NFTs
Members of the tech community have already projected an Exponential Age where the “internet of the future” would result in the Metaverse
The future seems to be here already. However, it was not known until recently. The space which consists of several virtual worlds is expected to reach its full potential especially with Facebook, Microsoft, and other big tech firms investing in the development of the new technology.
Can the metaverse transform the way people connect with the digital world and change a part of the real world in the process?
The integration of NFTs into the Metaverse has been seen to initiate the transformation of the various interactions in virtual worlds. This development has to some extent impacted a part of the real world as it exists today.
Gucci has sought to reach new clients in the metaverse in the Roblox game. The method used is to sell non-fungible tokens for the avatars of the limited edition “Gucci Collection” in the Roblox game. They are selling glasses, bags, and hats.
Other companies like Animoca Brands might follow such a lead to gain a grip of some of the budding metaverse space. In July 2021, Coca-Cola introduced branded virtual clothing as NFTs, featuring a “wearable” jacket. The jacket can be worn on avatars existing within the virtual world of Decentraland. The company even hosted a Rooftop Party to celebrate that launch.
This month, NASCAR is scheduled to launch a digital car on the Jailbreak breakout game platform Roblox. It will also sell clothing for players’ avatars. The players can also create their NASCAR uniforms as part of a fan contest with the project’s developers working as influencers to help in promoting them on social media.