Animoca Brands to build K-pop metaverse with Korean entertainment firm

Hong Kong blockchain-based gaming firm Animoca Brands and South Korean entertainment company Cube Entertainment have formed a joint venture to build a K-pop music-focused “metaverse.”

The joint venture will also offer non-fungible tokens (NFTs) based on the intellectual property rights of Cube Entertainment’s K-pop talent, the companies said in a joint statement. The NFTs will include items such as digital albums and portraits, among other things.

K-pop artists BTOB (top row, left) Pentagon (top row, right), (G)I-DLE (bottom row, left), and Lightsum (bottom row, right) / Photo credit: Cube Entertainment

Cube Entertainment currently manages 50 K-pop artists, including Jo Kwon, BTOB, Pentagon, CLC, and more.

“We anticipate this [collaboration with Animoca] will be an important beginning for leading the global digital culture market and advancing the digital content industry,” Cube Entertainment’s CEO, Ahn Woo Hyung, said in a statement.

The collaboration comes at a time when NFTs are making inroads in the music industry. Recently, Hybe, the talent agency of popular K-pop band BTS, invested in Korean cryptocurrency platform Dunamu. Together, the two companies will produce NFTs featuring BTS and other Hybe artists.

Western celebrities such as Kings of Leon and Shawn Mendes are among the first artists to embrace blockchain-based technology for their content.

Even though NFTs are nascent, some consider the trend to be a positive factor for the music industry, which could see artists gain more creative autonomy and smaller stars become more empowered by adopting the tech, according to a Harvard Technology Review report.