Followers of Ok-Pop lady group Mamamoo will quickly be capable to purchase digital merchandise associated to the band utilizing blockchain know-how.
RBW (Rainbowbridge World), a South Korean leisure firm representing Mamaoo and different fashionable Ok-Pop artists comparable to Vromance and Oneus, is leaping into the cryptocurrency world by issuing non-fungible tokens (NFT) on South Korea-based change Xeno. The tokens give Ok-Pop followers and different traders 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 change unique rights to mint and checklist their NFT-based digital merchandise.
“Fanbases get digital items for his or her favourite artists that they will actually 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 development of digital commerce is rising and RBW desires to remain on prime of those traits whereas on the identical time open new markets when potential.”
The precise time of when the NFTs can be launched has but to be introduced. Xeno advised CoinDesk that the underlying digital merchandise will embrace “3D mannequin renderings” of followers’ favourite Ok-Pop idols, occasion tickets for digital concert events and membership tokens that “enable artists to interact their fanbases”.
RBW’s transfer comes at a time of explosive development in buying and selling volumes for NFTs, which tripled in 2020 in comparison with 2019, in line with knowledge from Dune Analytics. The elevated curiosity in NFTs is partly pushed by the COVID-19 pandemic that has compelled most cancellation of in-person occasions.
In contrast to fungible cryptocurrencies comparable 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 singular 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 the moment operates primarily in Hong Kong, Japan and South Korea.
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South Korea alone has the fourth-largest gaming market on this planet, with well-established digital items marketplaces, Di Franco stated. The East Asian nation additionally has “very excessive engagement” with all types of leisure together with the Ok-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 may lead extra distinguished leisure corporations in East Asia to observe the NFT development, as most dwell occasions world wide are nonetheless on pause as a result of pandemic, in line with the executives at Xeno. Apart from these in Ok-Pop, a number of partnerships with well-established names in excessive style and the net gaming industries are already “within the pipeline,” the change stated.
“RBW is a reasonably reasonably impactful firm, with fashionable lady group Mamamoo together with a number of boy bands and a brand new lady group, Purple Kiss, beneath its administration,” Tamar Herman, K-Pop journalist at Hong Kong-based South China Morning Submit, advised CoinDesk in an electronic mail. “The corporate has a popularity for high-value performances and artistry.”
Whereas most NFT exchanges are primarily based 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” function that provides the crew full management of the protocol layer of the system, Di Franco advised CoinDesk.
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“NFTs are the right medium for these habits to develop and evolve in,” Di Franco stated. “NFTs take possession of digital items out of their silos, turning a group of mutually unique walled gardens into a real market, and exponentially rising the chances for artistic entrepreneurship for digital artists and the enterprise alternatives for the platforms they work on.”