Animoca Brands reveals plans for metaverse

Animoca Brands reveals plans for metaverse
Animoca Brands has announced that it will team up with Korean record label Cube Entertainment to build a “K-pop metaverse”.

Non-fungible tokens (NFTs) continue to disrupt the mainstream entertainment industry, with gaming NFT company Animoca Brands partnering with Korean record label, talent agency and music production company, Cube Entertainment, to build “K-pop music metaverse”.

Under the partnership, announced on November 15, Animoca and Cube will work together to create multimedia NFTs celebrating popular K-pop acts and musicians on Cube’s roster. NFTs will include images such as artist portraits and album covers, as well as digital audio sources such as full-length albums.

Yat Siu, chief executive of Animoca Brands, said he was looking forward to starting the partnership with Cube to “make open metaverse a reality”. Animoca described the partnership as enabling “true digital ownership and other blockchain benefits” for both Cube-listed artists and their fans.

Ahn Woo Hyung, CEO of Cube, said the collaboration would be “an important start to leading the global digital culture market and developing the digital content industry”.

Cube manages around 50 K-pop artists, including BtoB, Pentagon, (G)I-DLE and Lightsum.

Siu has long emphasised the disruptive form of ownership enabled by NFTs, comparing the impact of non-exchangeable tokens on the development of property rights to a renaissance in early modern Europe earlier in July 2020.

In 2020, Animoca signed a global licensing agreement with Formula One to launch its F1 Delta Time game, before selling $3 million worth of NFT virtual land to its Metaverse subsidiary The Sandbox in an initial exchange offer hosted by Binance later in the year.

In early November 2021, Sandbox raised a further $93 million to expand its metaverse NFT.

17-11-2021, Mr Advice TEAM

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