SINGAPORE, April 14, 2022 (Globe NEWSWIRE) — Fellaz, a comprehensive net3 NFT resolution provider for entertainment 3. and recurrent collaborator in carrying out admirer-centered NFT assignments, is retaining an eye on the escalating amount of successful NFT use-cases. Korea’s presence in the world cultural market place has been growing through the previous decade. In 2013, Psy’s “Gangnam Type” was a phenomenon that came and went. Nevertheless, with BTS acquiring around the globe acclaim, K-pop has grow to be a world craze here to keep. “Parasite” and “Squid Video games” expanded the impact of Hallyu (Korean Wave) even even more.
There is 1 distinct field of curiosity frequent to big leisure companies that is major the sector: NFT. NFT is a technology that is drawing a lot attention recently due to its possible as a new driver for revenue maximization.
Right here are the prime 5 significant leisure providers in Korea that are checking out the integration of NFT into their organization:
1. HYBE
Well-known for the world-wide phenomenon BTS, HYBE went community in 2020 and is presently the largest amusement corporation in Korea even with its rather quick historical past. It can be not news that HYBE is on the lookout for a new growth engine besides BTS.
To this conclusion, HYBE has a short while ago declared a partnership with Dunamu, the operator of Upbit, the top cryptocurrency exchange in Korea. In November of very last yr, HYBE invested USD 400 million in Dunamu for a 2.48% stake, with Dunamu investing USD 570 million in HYBE for a 5.57% stake in the company’s shares. The agreement that was declared in February this yr was for the two firms to set up a joint venture working with HYBE’s IP. With the details to be revealed, HYBE has not too long ago applied for a trademark patent named “Digital Souvenir” and announced ideas to open up an NFT trade in the U.S. this calendar year.
2. YG Entertainment
YG Leisure is a major enjoyment corporation and new music label sharing its ranks with HYBE, SM, and JYP, and is famous for its dependable lineup of K-pop artists this kind of as Huge Bang, Black Pink, and Winner.
And the lover YG Leisure selected to enter the blockchain small business with is Binance, a world wide cryptocurrency exchange. In February this yr, YG Enjoyment announced its strategic partnership with Binance. The deal is made up of YG Entertainment supplying its IP and Binance supplying the technologies to mint and handle YG’s IP-based NFTs.
The two companies declared that they would also venture into developing a metaverse activity on Binance Wise Chain, a proprietary blockchain network established and operated by Binance, to make a new practical experience and, thus, value for their admirers applying the blockchain technologies.
3. SM Entertainment
SM Leisure is an legendary enjoyment business in Korea as a pioneer in establishing the first systematic idol incubation process and ecosystem, paving the way for K-pop to blossom into a world wide phenomenon. SM Entertainment’s entry into the abroad current market began in 1997, and it was also SM Entertainment that held the very first big-scale K-pop live performance in Europe in 2011.
SM Entertainment’s exploration in the subject of NFT is generally led by its founder and general producer Soo-Man Lee actively getting the step wanted to advance into the NFT business enterprise. It really is value noting that Lee has participated in “Binance Blockchain Week,” held by Binance in Dubai March 28-30, taking part as a keynote speaker at the event.
He was also invited to the opening session of the World wide Crypto Forum of The Earth Govt Summit 2022 and engaged in a heated discussion on defining the indicating of NFT, blockchain, and metaverse in the enjoyment field. His participation signifies the songs industry’s rising desire in blockchain engineering as a practical component for small business development.
SM Entertainment’s effective debut of Aespa, an avatar-infused girl team, is a sizeable indicator of wherever the mainstream songs and enjoyment enterprises are headed.
4. Fantagio
Fantagio is yet a further mainstream K-lifestyle powerhouse that is actively expressing its curiosity in getting into into the area of NFT. As a thorough amusement organization stated on the KOSDAQ with the upcoming technology of K-pop teams such as Astro and Weki Meki as its artists together with numerous Korean actors, Fantagio is growing its involvement in written content generation with notable collaboration like the a person with Studio Dragon, Korea’s biggest drama creation corporation, to generate the drama “Blind.”
Fantagio not too long ago declared a prepare to collaborate with Fellaz, a in depth net3 NFT resolution provider for amusement 3., to have out a admirer-centered NFT undertaking. Fantagio will be releasing its initially NFT assortment in the near future with Fellaz, and showcase how mainstream music, fandom and NFTs can be introduced together to create new worth for each the artists and the supporters.
5. Abyss Corporation
Abyss Firm is a privately held entertainment firm, reasonably compact in dimension in contrast to the aforementioned providers. At present, Sandara Park from 2NE1 and Sunmi from Wonder Girls are element of Abyss Company.
Abyss Firm’s NFT-connected enterprises have introduced a lot notice as they have proven noteworthy outcomes with their NFT collections dependent on artists’ IP. In November previous calendar year, Abyss Company signed an MOU with FSN, a blockchain-unique marketing enterprise. In February this 12 months, the two companies issued “Sunmiya Club” PFP as their 1st NFT selection employing the IP of Sunmi from Speculate Women. The entire selection was offered out at OpenSea in just one second just after the release, achieving a 24-hour buying and selling volume of 4.66 million Klays (USD 5.74 million).
Abyss Company’s NFT business enterprise general performance is referenced as a effective use-scenario of K-pop IP and NFT technological innovation and is considered as the initial of lots of far more instances to arrive. Although we have still to see how this industry will unfold, with the huge spectrum of NFT use-scenarios that are at this time getting formulated and released into the sector, integration of internet3 into the leisure sector looks to be a pattern that is right here to continue to be.
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Simon Han
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