Followers of Okay-Pop lady group Mamamoo will quickly be capable of purchase digital merchandise associated to the band utilizing blockchain know-how.
RBW (Rainbowbridge World), a South Korean leisure firm representing Mamaoo and different in style Okay-Pop artists akin to Vromance and Oneus, is leaping into the cryptocurrency world by issuing non-fungible tokens (NFT) on Hong Kong-based alternate Xeno. The tokens give Okay-Pop followers and different buyers a declare of actual possession in digital merchandise associated to RBW entertainers.
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In an unique interview with CoinDesk, the Xeno crew introduced that RBW has given the NFT alternate unique rights to mint and record their NFT-based digital merchandise.
“Fanbases get digital items for his or her favourite artists that they’ll really personal, and artists and content material creators get new and thrilling merchandise to supply their followers,” Jae-Woong Wang, CEO of RBW Japan, advised CoinDesk in an announcement. “Digital occasion tickets, membership tokens, even digital content material rights can all be captured and housed inside NFTs. The pattern of digital commerce is rising and RBW needs to remain on prime of those tendencies whereas on the similar time open new markets when doable.”
The precise time of when the NFTs might be launched has but to be introduced. Xeno advised CoinDesk that the underlying digital merchandise will embrace “3D mannequin renderings” of followers’ favourite Okay-Pop idols, occasion tickets for digital live shows and membership tokens that “enable artists to interact their fanbases”.
RBW’s transfer comes at a time of explosive progress in buying and selling volumes for NFTs, which tripled in 2020 in comparison with 2019, in accordance with knowledge from Dune Analytics. The elevated curiosity in NFTs is partly pushed by the COVID-19 pandemic that has pressured most cancellation of in-person occasions.
In contrast to fungible cryptocurrencies akin to bitcoin and ether, NFTs are distinctive tokens that can not be exchanged one to at least one. For followers of Mamamoo, that interprets into possession of a novel digital product developed across the singers.
Xeno’s NFT market launched final month after the corporate noticed a doubtlessly enormous marketplace for NFTs in East Asia, Xeno’s president, Anthony Di Franco, advised CoinDesk. The corporate at present operates primarily in Hong Kong, Japan and South Korea.
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South Korea alone has the fourth-largest gaming market on the earth, with well-established digital items marketplaces, Di Franco mentioned. The East Asian nation additionally has “very excessive engagement” with all types of leisure together with the Okay-Pop business. The Gaon Digital Chart, South Korea’s music business normal rating recorded singles, reveals nearly 21 million weekly plays for this week’s No. 1 tune alone.
RBW’s information could lead on extra outstanding leisure corporations in East Asia to observe the NFT pattern, as most reside occasions around the globe are nonetheless on pause as a result of pandemic, in accordance with the executives at Xeno. In addition to these in Okay-Pop, a number of partnerships with well-established names in excessive vogue and the net gaming industries are already “within the pipeline,” the alternate mentioned.
“RBW is a reasonably reasonably impactful firm, with in style lady group Mamamoo together with a number of boy bands and a brand new lady group, Purple Kiss, below its administration,” Tamar Herman, K-Pop journalist at Hong Kong-based South China Morning Submit, advised CoinDesk in an e-mail. “The corporate has a repute for high-value performances and artistry.”
Whereas most NFT exchanges are based mostly on the Ethereum blockchain, Xeno is constructed on the Polkadot community due to its higher scalability, full cross-chain interoperation and integration, and Polkadot’s distinctive “parachain” characteristic that offers the crew full management of the protocol layer of the system, Di Franco advised CoinDesk.
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“NFTs are the proper medium for these habits to develop and evolve in,” Di Franco mentioned. “NFTs take possession of digital items out of their silos, turning a set of mutually unique walled gardens into a real market, and exponentially rising the probabilities for artistic entrepreneurship for digital artists and the enterprise alternatives for the platforms they work on.”
UPDATE (Jan. 16, 2021, 12:38 UTC): Xeno is predicated in Hong Kong, not South Korea. The article has been up to date.