K-Pop Sensation Mamamoo to Mint Digital Collectibles on Polkadot
Fans of K-Pop lady team Mamamoo will soon be in a deliver to make a choice digital products connected to the band utilizing blockchain expertise.
RBW (Rainbowbridge World), a South Korean entertainment company representing Mamaoo and other standard K-Pop artists comparable to Vromance and Oneus, is leaping into the cryptocurrency world by issuing non-fungible tokens (NFT) on Hong Kong-based entirely trade Xeno. The tokens give K-Pop followers and other investors a mutter of tangible possession in digital products connected to RBW entertainers.
In an irregular interview with CoinDesk, the Xeno team announced that RBW has given the NFT trade irregular rights to mint and list their NFT-based entirely digital products.
“Fanbases receive digital goods for their licensed artists that they might be able to in truth non-public, and artists and articulate creators receive contemporary and provocative products to produce their followers,” Jae-Woong Wang, CEO of RBW Japan, told CoinDesk in a assertion. “Digital tournament tickets, membership tokens, even digital articulate rights can all be captured and housed within NFTs. The pattern of digital commerce is rising and RBW needs to keep it up high of these traits while on the same time open contemporary markets when probably.”
The explicit time of when the NFTs will most probably be launched has yet to be announced. Xeno told CoinDesk that the underlying digital products will embrace “3D model renderings” of followers’ licensed K-Pop idols, tournament tickets for digital concert occasions and membership tokens that “enable artists to narrate their fanbases”.
RBW’s pass comes at a time of explosive convey in buying and selling volumes for NFTs, which tripled in 2020 in comparison with 2019, in step with recordsdata from Dune Analytics. The increased interest in NFTs is partly pushed by the COVID-19 pandemic that has compelled most cancellation of in-individual occasions.
Unlike fungible cryptocurrencies comparable to bitcoin and ether, NFTs are enthralling tokens that will perchance no longer be exchanged one to one. For followers of Mamamoo, that translates into possession of a numerous digital product developed all thru the singers.
Xeno’s NFT marketplace launched closing month after the company noticed a doubtlessly substantial market for NFTs in East Asia, Xeno’s president, Anthony Di Franco, told CoinDesk. The company presently operates basically in Hong Kong, Japan and South Korea.
South Korea on my own has the fourth-largest gaming market on this planet, with effectively-established digital goods marketplaces, Di Franco said. The East Asian country additionally has “very excessive engagement” with all forms of entertainment at the side of the K-Pop industry. The Gaon Digital Chart, South Korea’s tune industry same old ranking recorded singles, displays practically about 21 million weekly plays for this week’s No. 1 tune on my own.
RBW’s news might perchance perchance lead more prominent entertainment companies in East Asia to appear on the NFT pattern, as most are living occasions all thru the enviornment are soundless on live due to the the pandemic, in step with the executives at Xeno. Apart from those in K-Pop, several partnerships with effectively-established names in excessive vogue and the on-line gaming industries are already “in the pipeline,” the trade said.
“RBW is a reasonably reasonably impactful company, with standard lady team Mamamoo alongside with several boy bands and a recent lady team, Red Kiss, below its administration,” Tamar Herman, K-Pop journalist at Hong Kong-based entirely South China Morning Put up, told CoinDesk in an email. “The company has a popularity for excessive-designate performances and artistry.”
While most NFT exchanges are in step with the Ethereum blockchain, Xeno is built on the Polkadot network due to its better scalability, full tainted-chain interoperation and integration, and Polkadot’s enthralling “parachain” feature that offers the team full place watch over of the protocol layer of the machine, Di Franco told CoinDesk.
“NFTs are the ideal medium for these habits to grow and evolve in,” Di Franco said. “NFTs take possession of digital goods out of their silos, turning a assortment of mutually irregular walled gardens correct into a upright marketplace, and exponentially rising the possibilities for artistic entrepreneurship for digital artists and the trade alternatives for the platforms they work on.”
UPDATE (Jan. 16, 2021, 12: 38 UTC): Xeno is predicated entirely in Hong Kong, no longer South Korea. The article has been updated.