Facebook X (Twitter) LinkedIn Telegram
    • About
    • Advertise
    • Submit Press Release
    • Contact
    Facebook X (Twitter) LinkedIn Telegram
    BlockonomiBlockonomi
    • Prices
      • All Coins
      • Bitcoin Price
      • Ethereum Price
      • Ripple Price
      • EOS Price
      • Litecoin Price
      • Monero Price
      • Binance Coin Price
      • Bitcoin Cash Price
      • Chainlink Price
      • Cardano Price
      • Stellar Price
      • Tron Price
    • Sections
      • All
      • Analysis
      • Bitcoin
      • Ethereum
      • Education
      • Trading
      • Buying
      • DeFi
      • NFTs
      • Metaverse
      • Exchanges
      • Brokers
      • Guides
      • Gaming
      • Privacy
      • Business
      • Finance
      • Fintech
      • Regulation
      • Security
    • Claim Free Crypto!
    • Gamble With Crypto!
    • Easily Buy Crypto!
    Home / About / Advertise / Submit Press Release
    BlockonomiBlockonomi
    NFTs

    K-Pop Entertainment Giants Embrace NFTs

    Non-fungible tokens have captured the attention of many leading K-pop entertainment giants and more are hitting the market.
    Nicholas SayBy Nicholas SayNovember 13, 2021No Comments4 Mins Read
    Telegram Twitter LinkedIn WhatsApp Facebook Email
    Share
    Facebook Twitter LinkedIn Email Telegram WhatsApp

    Non-fungible tokens have captured the attention of many leading K-pop entertainment giants. A series of new projects that use the technology of NFTs or the metaverse are coming from South Korean media conglomerates.

    Entertainment Giants Join The NFT Race

    Table of Contents

    • Entertainment Giants Join The NFT Race
    • More Hot Projects are Coming
    • A Growing Market

    The first half of 2021 saw a huge surge in NFTs across a number of industries, including arts and entertainment. The trend has led to the emergence of new cryptocurrencies and non-financial tokens (NFTs) in the South Korean music industry.

    On October 4, HYBE, the management corporation of various well-known groups such as BTS, Seventeen, and TXT, announced a partnership with Dunamu, Korea’s largest leading fintech company, to integrate NFT technology into the company’s artists’ products.

    Not only K-pop idols, but also popular artists such as Justin Bieber, Ariana Grande, and others, have joined the campaign.

    YG Entertainment (the management company behind Black Pink, Big Bang, and 2NE1) is reportedly investing in the future NFT business project, which is backed by a number of corporations and entertainment companies.

    More Hot Projects are Coming

    Following the two entertainment businesses’ participation, SM Entertainment announced the distribution of content related to the SM Cultural Universe Metaverse (SMCU) in a strategic relationship with the blockchain platform Solana.

    These entertainment behemoths are not the first to declare the implementation of NFT into their content distribution strategy.

    JYP Entertainment, the management organization for TWICE, Stray Kids, and ITZY, previously stated in July that they would work with Dunamu. At the same time, several other entertainment corporations revealed ambitions to use innovative digital technologies in their businesses.

    A Growing Market

    It is hard to beat NFTs at the moment. Massive global enterprises and businesses are getting on board. Korean entertainment is no exception.

    NFTs are used to sell transferrable digital products like artwork depending on product ownership. The NFT data is encrypted on the blockchain

    The unique property in an NFT product makes them appealing. Consumers can buy NFTs of artwork to support their favorite artists.

    By purchasing NFTs, customers take ownership differently from the product they purchase. On the other hand, they do not receive any physical objects after purchasing the NFT.

    Their only proof of ownership is a transaction record maintained in the blockchain

    Many entertainment companies are planning to promote NFTs, aimed at enabling interaction between fans and idols. This type of NFT could be found in photos or posters, items that all K-pop fans want to have.

    Entertainment companies and investors consider NFTs as a key factor in attracting fans, regardless of their current limitations.

    Fan-owned NFT photocards may have similar images and sound to the original, but instead of simply owning one copy, fans assume complete ownership of the NFT material they purchase – in this case, a photocard – and each of these photocards is a one-of-a-kind product.

    Many entertainment firms and investors are entering the NFT, metaverse, and cryptocurrency markets.

    According to the South China Morning Post, it’s impossible to prove that NFTs can deliver value commensurate with the massive investment that the space has seen this year.

    However, in reaction to new products, the K-pop fan community has been supportive.

    The replacement of physical items with NFTs doesn’t match fans’ preferences. The community has expressed dissatisfaction, stressing that they prefer physical items, rather than digital ones.

    It’s not the only obstacle that companies may confront when integrating NFT into their operations. Another major concern is the environmental impact of blockchain technology, currently a source of heated discussion.

    Blockchain requires a lot of energy to track and store NFT transaction information. This technology has the potential to substantially impact the environment, which isn’t attractive to everyone.

    Advertise Here
    Nicholas Say
    • LinkedIn

    Nicholas Say was born in Ann Arbor, Michigan. He has traveled extensively, lived in Uruguay for many years, and currently resides in the Far East. His writing can be found all over the web, with special emphasis placed on realistic development, and the next generation of human technology.

    Related Posts

    Bitget Honors Core Community with Limited Edition NFT Drop

    November 21, 2023

    Bitcoin Temporarily Steals Ethereum’s Transaction Fee Crown Amidst Ordinals Frenzy

    November 21, 2023

    From Turmoil to Walmart: The Remarkable Turnaround of Pudgy Penguins by Luca Netz

    November 17, 2023

    Comments are closed.

    Coinbase Earn
    Advertise Here
    Gambling
    • mBit Casino
      VisitReview
    • BC Game
      VisitReview
    • Duelbits
      VisitReview
    • BitcoinCasino
      VisitReview
    • FortuneJack
      VisitReview
    • 1xBit
      VisitReview
    Exchanges
    • KuCoin
      VisitReview
    • Coinbase
      VisitReview
    • Binance
      VisitReview
    • PrimeXBT
      VisitReview
    Koinly
    Advertise Here
    Trading Bots
    • 3Commas
      VisitReview
    • Cryptohopper
      VisitReview
    • CoinRule
      VisitReview
    3commas Trading Bot
    Advertise Here
    All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.
    Blockonomi™ Copyright © 2017 - 2023 Kooc Media Ltd. All rights reserved. Registered Company No.05695741
    Network: Moneycheck - Finance News / Beanstalk - NFT & Metaverse News
    • About
    • Contact
    • Deals
    • Advertise
    • Privacy Policy
    • Terms & Conditions

    Type above and press Enter to search. Press Esc to cancel.