K-pop industry taps into the NFT market

This photo provided by SM Entertainment shows members of K-pop group SuperM on stage on April 26, 2020, during the group’s online concert hosted by Beyond Live.

SEOUL, July 20 (Korea Bizwire)The K-pop industry is gearing up for a change with the recent rise in non-fungible tokens (NFTs).

South Korean singer Se7en released a new Korean and English version of a new song as NFT.

Alternative rock band Leenalchi also released their latest hit “Tiger is Coming” as NFT.

K-pop powerhouse JYP Entertainment has signed an agreement with local blockchain company Dunamu to work on the creation of an NFT platform for K-pop, becoming the first South Korean entertainment company to join the market. NFT.

The music industry is starting to focus on NFTs as a means of turning music into a greatly scarce “asset” and overcoming the devaluation of music caused by streaming platforms.

With the advent of digital streaming platforms that replaced CDs and other hard drives, music no longer became “owned”, but rather “shared”.

NFTs, however, can reclaim the concept of ownership from the original version of the digital content.

Experts believe that the K-pop industry with its strong fan base is a perfect match for the features included in NFTs.

“(K-pop fans) have a tremendous desire to own everything about the stars they love,” cultural critic Kim Heon-shik said. “They are also very familiar with mobile culture, which is also a strength. “

Some, however, point out that excessive profitability should be controlled, and those looking to profit from the NFT boom would do well to watch out for issues that may arise in the process, such as the violation of celebrity privacy and portrayal. . rights, and more.

HM Kang ([email protected])

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