KEY POINTS

  • More entertainment agencies want to try their luck in the NFT space
  • K-pop fans can expect NFT products like images, music and album art 
  • The release of the partnership's first NFT product is yet to be revealed

Hong Kong blockchain unicorn startup and game developer Animoca Brands announced its partnership with the Korean record label Cube Entertainment to make NFTs and create a "K-pop metaverse."

Animoca Brands revealed its plan of bringing K-pop groups to the Non-Fungible Token (NFT) space by partnering with Cube Entertainment. 

K-pop fans can expect a variety of images featuring portraits of artistes, album arts and digital sound sources, including full-length albums. Animoca Brands co-founder Yat Siu said he could not wait to start working with Cube Entertainment "to make the open metaverse a reality."

The NFT 'SHIFT//' is one of several of the digital objects being sold by Sotheby's auction house in New York The NFT 'SHIFT//' is one of several of the digital objects being sold by Sotheby's auction house in New York Photo: AFP / TIMOTHY A. CLARY

The  the partnership will benefit both artistes and their fans since it will allow "true digital property rights and other blockchain benefits." Cube Entertainment CEO Ahn Woo Hyung shared the same excitement.

"We are excited to collaborate with Animoca Brands to create NFTs and an associated ecosystem featuring Cube Ent’s IPs of music, images, and more. We anticipate this will be an important beginning for leading the global digital culture market and advancing the digital content industry," the CEO noted in a press release.

Animoca Brands earned unicorn status in May after the success of its blockchain-based games. These titles allow gamers to trade in-game assets as NFTs. The company also invests in various NFT-linked businesses.

Animoca Brands is said to cultivate "digital entertainment, blockchain, and gamification that is driving digital property rights via NFTs and gaming." Its portfolio includes Sky Mavis, the developer of the worldwide phenomenon "Axe Infinity" and Dapper Labs, the team behind the pioneer blockchain game "CryptoKitties." 

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

This is not the first time a company has teamed up with a Korean entertainment agency to explore the NFT space. Earlier this month, BTS' label Hybe said it would partner with a giant cryptocurrency exchange operator in Korea to release NFT photo cards.  

Additionally, SM Entertainment, the agency behind EXO and Girls Generation, announced its plan to join the NFT bandwagon. As for the partnership of Cube Entertainment and Animoca Brands, it is not yet known when fans can expect the release of their first NFT product.