K-Pop Sensation Mamamoo to Mint Digital Collectibles on Polkadot

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Fans of K-Pop woman team Mamamoo will certainly quickly be able to get digital items relevant to the band making use of blockchain innovation.

RBW (Rainbowbridge World), a South Korean home entertainment firm standing for Mamaoo as well as various other preferred K-Pop musicians such as Vromance as well as Oneus, is delving into the cryptocurrency globe by providing non-fungible symbols (NFT) on Hong Kong- based exchangeXeno The symbols offer K-Pop followers as well as various other capitalists an insurance claim of actual possession in digital items relevant to RBW artists.

Read extra: NFT Art Sales Reached All-Time High of $8.2 M in December

In an unique meeting with CoinDesk, the Xeno group introduced that RBW has actually provided the NFT exchange special civil liberties to mint as well as checklist their NFT-based digital items.

“Fanbases get digital goods for their favorite artists that they can truly own, and artists and content creators get new and exciting products to offer their fans,” Jae-Woong Wang, Chief Executive Officer of RBW Japan, informed CoinDesk in a declaration. “Digital event tickets, membership tokens, even digital content rights can all be captured and housed within NFTs. The trend of digital commerce is growing and RBW wants to stay on top of these trends while at the same time open new markets when possible.”

The local time of when the NFTs will certainly be released has yet to be introduced. Xeno informed CoinDesk that the underlying digital items will certainly consist of “3D model renderings” of followers’ favored K-Pop idolizers, occasion tickets for online performances as well as subscription symbols that “allow artists to engage their fanbases”.

RBW’s relocation comes with a time of eruptive development in trading quantities for NFTs, which tripled in 2020 contrasted to 2019, according to information from Dune Analytics. The raised passion in NFTs is partially driven by the COVID-19 pandemic that has actually compelled most termination of in-person occasions.

Unlike fungible cryptocurrencies such as bitcoin as well as ether, NFTs are distinct symbols that can not be traded one to one. For followers of Mamamoo, that equates right into possession of an one-of-a-kind digital item created around the vocalists.

Xeno’s NFT industry released last month after the firm saw a possibly massive market for NFTs in East Asia, Xeno’s head of state, Anthony Di Franco, informed CoinDesk. The firm presently runs mostly in Hong Kong, Japan as well as South Korea.

Read extra: The Blockchain NFT Wars Are Here

South Korea alone has the fourth-largest gaming market on the planet, with reputable digital items industries, Di Franco stated. The East Asian nation additionally has “very high engagement” with all kinds of home entertainment consisting of the K-Pop sector. The Gaon Digital Chart, South Korea’s songs sector common ranking tape-recorded songs, programs nearly 21 million weekly plays for today’sNo 1 tune alone.

RBW’s information might lead extra popular home entertainment business in East Asia to adhere to the NFT pattern, as many online occasions around the globe are still on time out due to the pandemic, according to the execs atXeno Besides those in K-Pop, numerous collaborations with reputable names in haute couture as well as the on the internet video gaming sectors are currently “in the pipeline,” the exchange stated.

“RBW is a fairly moderately impactful company, with popular girl group Mamamoo along with several boy bands and a new girl group, Purple Kiss, under its management,” Tamar Herman, K-Pop journalist at Hong Kong- based South China Morning Post, informed CoinDesk in an e-mail. “The company has a reputation for high-value performances and artistry.”

While most NFT exchanges are based on the Ethereum blockchain, Xeno is developed on the Polkadot network as a result of its much better scalability, complete cross-chain interoperation as well as assimilation, as well as Polkadot’s distinct “parachain” function that provides the group complete control of the method layer of the system, Di Franco informed CoinDesk.

Read extra: Some Asian Traders Are Using Polkadot to Predict Bitcoin’s Future

“NFTs are the perfect medium for these habits to grow and evolve in,” Di Franco stated. “NFTs take ownership of digital goods out of their silos, turning a collection of mutually exclusive walled gardens into a true marketplace, and exponentially increasing the possibilities for creative entrepreneurship for digital artists and the business opportunities for the platforms they work on.”

UPDATE (Jan 16, 2021, 12:38 UTC): Xeno is based in Hong Kong, notSouth Korea The write-up has actually been upgraded.