Animoca Brands signs partnership to launch K-pop music NFTs
Animoca Brands and Cube Entertainment announce joint venture to build a music metaverse
Animoca Brands and the KOSDAQ-listed Cube Entertainment have announced a joint venture to build a music metaverse and issue K-pop artist-related non-fungible tokens (NFTs).
The joint venture will issue NFTs using resources including digital sound sources, albums, portraits and avatars of globally popular K-pop music artists and actors under the management of Cube Ent.
Cube Ent has 50 artists under management, including K-pop acts Jo Kwon, BtoB, PENTAGON, CLC, (G)I-dle and Lightsum, entertainers Park Mi Sun, Lee Hwee Jae, Lee Sang Jun, Kim Kyung Ah, Heo Kyeong Hwan and Lee Eun Ji, and actors Park Sun Young , Kim Jin Woo, Na In Woo, Moon Su In, Seoung You, Yoo Seonho.
The BTS NFTs
The news came after the South Korean home of hitmakers BTS, Hybe, and major Asian crypto operator Dunamu established a long-term partnership to jointly promote new businesses including photo card NFTs.
The news was confirmed during a corporate briefing on YouTube, in which Hybe’s management laid out its plans for the rest of 2021 and early 2022, prompting a mixed reaction among BTS fans.
The joint venture said it will drop NFT photo cards related to the K-pop stars on Hybe’s app Weverse.
Criticism from BTS fans
However, soon after the BTS NFTs announcement, fans started raising some concerns about the environmental sustainability of NFTs, as they work with blockchain technology.
The environmental impact of blockchain technology is a controversial issue as, alongside high energy consumption, it also generates a significant amount of electronic waste as hardware becomes obsolete, although the industry is making efforts to turn green. Recently, some 150 companies operating in the field signed the Crypto Climate Accord (CCA). The goal is for all CCA signatories to achieve net-zero emissions from electricity consumption by 2030.
Animoca Brands did not immediately respond to a request for comment.