Popular K-Pop Girl Band To Mint Digital Collectibles on Polkadot
On January 16, 2020, the parent company of K-pop sensational girl group Mamamoo revealed that it would post non-fungible tokens (NFTs) on the Hong Kong-based Xeno exchange.
K-pop merchandising goes digital
The move by RBW (Rainbowbridge World), a South Korean entertainment company that represents top K-pop bands, will make it easy for music fans to purchase digital products associated with their favorite band.
In an exclusive interview with Coindesk, Xeno said RBW provided the exchange with special rights to strike and list their NFT-based digital collectibles.
The Token List will offer K-Pop music fans genuine ownership of the NFTs associated with RBW artists such as Mamamoo, Vromance and Oneus.
Jae-Woong Wang, CEO of RBW Japan, explained that digital items such as event tickets and digital content rights could be captured and hosted on the blockchain as an NFT.
“Fan bases are getting digital products for their favorite artists that they can really own, and artists and content creators are getting exciting new products to give to their fans,” the CEO explained.
Digital commerce in entertainment is on the rise
RBW’s decision to start selling digital products for singers highlights the growing trend of digital commerce in the entertainment world.
The NFT-based digital articles offered by RBW will include 3D model renderings of the best K-pop idols in the South Korean music scene. The underlying digital assets will also include pre-owned tickets to virtual shows and other merchandise that will make it easy for k-pop celebrities to engage their fans.
NFT transaction volumes have tripled in the past year according to data from Dune analysis. The demand for digital tokens is driven by the need for digital alternatives to access performers following in-person event cancellations duringthe Covid-19 pandemic.
Unlike fungible cryptos like Ethereum, NTF holders cannot trade them one by one. Therefore, holders of these special tokens acquire ownership of a unique digital collectible built around a specific band or singer.
Xeno operates the NFT market in East Asia
Xeno dove into the NFT market last month after its leaders saw the vast untapped potential in East Asian jurisdictions such as Hong Kong, Japan and South Korea.
Unlike most NFT exchanges which currently operate the ETH network, Xeno is built on Spotted, an emerging blockchain that offers better scalability and broad interoperability between chains.
Xeno President Anthony Di Franco added that his company chose Polkadot because of its unique “parachain” function which gives development teams full control over the procedural layer of the system.
By working with RBW, Xeno has now positioned itself to offer reputable digital product markets to the South Korean market, which has the fourth largest video game market in the world.
The Asian country also has “very high engagement” with fans around the world due to its wide range of home entertainment avenues, such as the thriving K-Pop market.
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