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Animoca Brands, a Hong Kong-based game software and venture capital company, announced its partnership with Cube Entertainment, a record label in South Korea and home to about 50 Kpop artists, entertainers, and actors.
Animoca Brands and Cube Entertainment signed a deal to create a K-pop metaverse, and this was revealed on Monday, Nov. 15. In their joint venture, they will be building a music metaverse and release non-fungible tokens or NFTs. The tokens are going to be based on the intellectual property rights of the talent agency's globally popular Kpop artists and actors.
This latest partnership just shows that NFT and blockchain-based digital assets continue to attract and influence the entertainment industry. Furthermore, the non-fungible tokens are apparently only getting bigger as various industries are diving into it.
According to CoinTelegraph, Animoca and Cube will work together and create multimedia NFTs featuring the latter's artist line-up. Fans can expect NFTs with their favorite Kpop stars appearing in digital portraits, album art, digital music, including full-length albums.
Animoca Brand's co-founder and executive chairman, Yat Siu, said that they are excited and cannot wait to start working with Cube Entertainment and make the open metaverse a reality together. The company added that their partnership would enable "true digital property rights and other blockchain benefits" for Cube's artists and their fans.
"We are excited to collaborate with Animoca Brands to create NFTs and an associated ecosystem featuring Cube Ent's IPs of music, images, and more," Cube Entertainment's chief executive officer, Ahn Woo Hyung, also said in a press release regarding the team up. "We anticipate this will be an important beginning for leading the global digital culture market and advancing the digital content industry."
Finally, this project is expected to produce numerous NFTs since Cube is home to many musicians, including Kpop boy group BtoB, Pentagon, Lightsum, and (G)I-DLE. It also houses actors such as Park Sun Young, Na in Woo, Kim Jin Woo, and Moon Su In. As for the entertainers, Park Mi Sun, Heo Kyung Hwan, Lee Hwi Jae, Kim Kyung Ah, and Lee Sang Jun are just some of the well-known names being managed by the agency.
