Hong Kong-based Animoca Brands and K-pop agency Cube Entertainment announced on Tuesday the completion of a new joint venture named AniCube Entertainment, as Korean music labels race to cash in on their loyal fan bases through metaverse and non-fungible token (NFT) projects.
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Fast facts
- AniCube will leverage Cube’s intellectual property rights of popular K-pop acts to build a music metaverse, and issue NFTs and ecosystem tokens, according to a statement.
- Cube currently manages a handful of well-known K-pop artists and bands, including Jo Kwon, BTOB, PENTAGON, CLC and (G)I-DLE.
- AniCube also plans to bring Cube’s artists to The Sandbox metaverse.
- In a November interview with Forkast, Cube CEO Ahn Woo-Hyung said the sky’s the limit when it comes to investing in the new technology.
- Major K-pop agencies — namely HYBE, SM, YG and JYP — have all announced plans to make forays into the NFT and metaverse space.
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