Non-fungible tokens (NFTs) have made incredible gains over the past years. The NFT market is expanding even more because of the growth of the metaverse. The entertainment sector is now at the centre of the NFT and metaverse boom.
Animoca Brands, a leading NFT gaming platform, has announced a partnership with a South Korean record label, Cube Entertainment. The two will work in creating a “K-pop music metaverse.”
Animoca Brands working on multimedia NFTs
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Through this partnership, Animoca and Cube Entertainment will work jointly to launch a multimedia NFT that will celebrate notable actors and K-pop musicians under Cube’s record label.
The announcement notes that these NFTs will comprise artist images, album art and also digital sounds. The co-founder of Animoca Brands, Yat Siu, stated that he was excited to join this partnership with Cube. According to Siu, this partnership would “make the open metaverse a reality.”
Animoca Brands also stated that the partnership would benefit artists on Cube’s record label and their fans. According to the CEO of Cube, Ahn Woo-hyung, this partnership would be,
An important beginning for leading the global digital culture market and advancing the digital content industry.
Animoca Brands is into NFTs
Animoca Brands is one of the most popular firms dealing in the NFT sector. According to Siu, NFTs have strong disruptive power, as they transform the way people take ownership. Mid this year, Siu noted that NFTs have transformed the property rights sector similar to the Renaissance in early-modern Europe.
One of the major investments that Animoca has done in the NFT sector is Dapper Labs. The firm’s investment in Dapper Labs is notable, given that this is one of the largest NFT platforms accredited to NBA Top Shot, one of the leading NFT offerings in the sporting sector.
In 2020, Animoca entered into a global licensing partnership with Formula one to launch the F1 Delta Time game. Towards the end of 2020, it also sold $3 million worth of virtual land NFTs for The Sandbox. Earlier this month, The Sandbox made a notable investment by raising $93 million to invest more in the NFT metaverse.
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