Animoca Brands is partnering with Cube Entertainment to build metaverse and non-fungible tokens (NFTs) as K-pop has been taking the world by storm, the executive chairman of the company said.
The joint venture between the Hong Kong-based Animoca Brands and South Korean entertainment company Cube Entertainment, aims to build a music metaverse, and issue NFTs and ecosystem tokens based on the intellectual property rights of Cube Entertainment’s globally popular K-pop music artists and actors, the company said.
In this partnership, the two companies will work together to create NFTs by using resources, including digital sound sources, albums, portraits, and avatars of popular K-pop artists under the management of Cube Entertainment.
Cube Entertainment operates as a record label, talent agency; music production, event management and concert production company, and also a music publishing house.
Cube Ent has 50 talents under management, including K-pop artists Jo Kwon, BTOB, PENTAGON; entertainers Park Mi Sun and Lee Hwee Jae.
Yat Siu, executive chairman and co-founder of Animoca Brands, said: “K-pop is taking the world by storm, and here at Animoca Brands we can’t wait to work with Cube Ent and its roster of K-pop artists as we continue our efforts to make the open metaverse a reality.”
Animoca Brands is a digital entertainment, blockchain and gamification company that is driving digital property rights via NFTs and gaming with an aim to build an open metaverse.
NFTs are digital assets and collectables that possess characteristics normally associated with physical items, including authenticity, rarity, scarcity and other properties that are secured on an internet blockchain system.
As reported by Blockchain.News in October, following the social investment platform Kikitrade’s plan to widen its participation in the blockchain gaming (GameFi) and non-fungible token (NFT) market, Animoca Brands has increased its shareholding in the firm to become the second-largest shareholder.
GameFi, also known as play-to-earn (P2E) games, has seen a recent upsurge enough to dominate the blockchain market for the past several quarters.