K-pop Industry Does a Global Leap With NFT
Korean pop, or K-pop music as fans generally call it, is making its mark in the digital business with the huge quantity of merchandise sold online, at shopping arcades, and streaming online concerts, not to mention the community platforms where their fans contribute generously. BTS, a Korean pop group that had recently made it to the first position in the Billboard charts, had the honor of performing solo at the Grammy Awards in May 2021, gaining a huge shout-out from President Biden. No wonder the Korean market has become the fifth largest producer of digital content across the globe.
The word “NFT” or non-fungible token has stirred up this Korean digital market as well. In a world where NFT has become an omnipresent influence in people’s daily lives, it is normal to expect music label companies, broadcasting agencies, and entertainment organizations to eye this asset. NFT’s value as a resource is increased by some of its core features like its rarity, its irreplaceability as an asset. Once an NFT is purchased, the token will have the buyer’s information imprinted in it to avoid misuse.
Among the various popular Korean Wave companies, KStarLive has emerged as the leader due to its highly motivated marketing. Of late, it has announced that it will launch K-pop NFT to acquire a global market. It already has 10 million subscribers on social media platforms, and countless many international fans read the Hallyu news it delivers in English. It has partnered for this ambitious NFT project with SBSMedianet. The plan is to distribute merchandise inspired by SBSMedianet’s “The Show” and other memorabilia of Korean culture using NFT tokens to fans worldwide.