NFTs continue to make their way into the mainstream – the newest proof for this is NFT gaming company Animoca Brands confirming its collaboration with Cube Entertainment, a Korean record label, talent agency, and music production company, in order to create a “K-pop music metaverse.”
The partnership was confirmed today and it will see the two companies working together to create multimedia NFTs that celebrate popular actors and K-pop musicians that are signed to Cube Entertainment. The NFTs will include images like album art or artist portraits, but also digital sound sources like full-length albums.
The chief executive of Animoca Brands, Yat Siu, revealed the anticipation of working with Cube in order to “make the open metaverse a reality.” Animoca said that the collaboration will enable “true digital property rights and other blockchain benefits” not only for the artists that are signed to Cube but also for their fans.
The CEO of Cube, Ahn Woo Hyung, declared that the collaboration will be “an important beginning for leading the global digital culture market and advancing the digital content industry.”
Among the artists that are signed to Cube are BtoB, (G)I-DLE, Pentagon, and Lightsum, among 50 others.
Siu has highlighted the disruptive form of the NFTs in the past; in July of 2020, Siu made a parallel between how NFTs advance property rights to how the Renaissance impacted early-modern Europe.
Animoca has been invested in several important moments in the development of NFTs, such as investing in Dapper Labs after it saw the company bring the Ethereum network to its knees following the incredible success of CryptoKitties in 2017.
Last year, Animoca signed a global licensing agreement with Formula 1 for the release of the F1 Delta Time game, before going to sell $3 million worth of virtual land NFTs for The Sandbox at the end of the year.
In November 2021, The Sandbox raised a further $90 million in order to extend the NFT metaverse.