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Hong Kong based blockchain-gaming firm Animoca Brands announced it has formed a joint venture with South Korean entertainment company Cube Entertainment to build a K-pop music-focused “metaverse.”
The new partners, Animoca and Cube will collaborate to create multimedia NFTs celebrating popular actors and K-pop musicians on Cube’s roster. The NFTs will feature images such as artist portraits and album art, and also include digital sound sources such as full-length albums.
Cube Entertainment currently manages 50 K-pop artists, including Jo Kwon, BTOB, Pentagon, CLC, and more.
Chief Executive Officer of Animoca Brands, Yat Siu, said that he is eager to get started and “make the open metaverse a reality.” For Animoca, the partnership brings something truly amazing in the form of “true digital property rights and other blockchain benefits” for artists and fans.
Ahn Woo Hyung, CEO of Cube, said:
“We anticipate this will be an important beginning for leading the global digital culture market and advancing the digital content industry,”
Siu‘s company is a longtime investor in non-fungible tokens (NFT) and decentralized gaming, Animoca Brands. In October it completed the raise of $65 million capital, thereby realizing a $2.2 billion valuation for its business.
Animoca has celebrated huge successes by being an early investor in companies including Axie Infinity, Dapper Labs and OpenSea. Right now the company has over 100 NFT-related ventures in its portfolio. Most recently, Animoco invested in Genopets, a project that brings “move-to-earn” to the GameFi lexicon, and reNFT, a business focused on lending protocols for NFTs with rentable use cases.
Last week, the Korea Herald reported that non-fungible tokens (NFTs) will not fall under the definition of virtual assets in South Korea and avoid being regulated as such.