SINGAPORE, April 14, 2022 (GLOBE NEWSWIRE) — Fellaz, a comprehensive web3 NFT solution provider for entertainment 3.0 and frequent collaborator in carrying out fan-centered NFT projects, is keeping an eye on the growing number of successful NFT use-cases. Korea’s presence in the global cultural market has been growing throughout the past decade. In 2013, Psy’s “Gangnam Style” was a phenomenon that came and went. However, with BTS receiving worldwide acclaim, K-pop has become a global trend here to stay. “Parasite” and “Squid Games” expanded the influence of Hallyu (Korean Wave) even further.
There is one particular field of interest common to major entertainment companies that is leading the market: NFT. NFT is a technology that is drawing much attention lately due to its potential as a new driver for revenue maximization.
Here are the top 5 major entertainment companies in Korea that are exploring the integration of NFT into their business:
Famous for the global phenomenon BTS, HYBE went public in 2020 and is currently the largest entertainment company in Korea despite its relatively short history. It’s not news that HYBE is on the lookout for a new growth engine besides BTS.
To this end, HYBE has recently announced a partnership with Dunamu, the operator of Upbit, the leading cryptocurrency exchange in Korea. In November of last year, HYBE invested USD 400 million in Dunamu for a 2.48% stake, with Dunamu investing USD 570 million in HYBE for a 5.57% stake in the company’s shares. The contract that was announced in February this year was for the two companies to establish a joint venture using HYBE’s IP. With the specifics to be revealed, HYBE has recently applied for a trademark patent called “Digital Souvenir” and announced plans to open an NFT exchange in the U.S. this year.
2. YG Entertainment
YG Entertainment is a major entertainment company and music label sharing its ranks with HYBE, SM, and JYP, and is famous for its reputable lineup of K-pop artists such as Big Bang, Black Pink, and Winner.
And the partner YG Entertainment chose to enter the blockchain business with is Binance, a global cryptocurrency exchange. In February this year, YG Entertainment announced its strategic partnership with Binance. The deal consists of YG Entertainment providing its IP and Binance providing the technology to mint and manage YG’s IP-based NFTs.
The two companies announced that they would also venture into creating a metaverse game on Binance Smart Chain, a proprietary blockchain network founded and operated by Binance, to create a new experience and, thereby, value for their fans using the blockchain technology.
3. SM Entertainment
SM Entertainment is an iconic entertainment company in Korea as a pioneer in establishing the first systematic idol incubation procedure and ecosystem, paving the way for K-pop to blossom into a global phenomenon. SM Entertainment’s entry into the overseas market began in 1997, and it was also SM Entertainment that held the first large-scale K-pop concert in Europe in 2011.
SM Entertainment’s exploration in the field of NFT is mainly led by its founder and general producer Soo-Man Lee actively taking the step needed to advance into the NFT business. It’s worth noting that Lee has participated in “Binance Blockchain Week,” held by Binance in Dubai March 28-30, participating as a keynote speaker at the event.
He was also invited to the opening session of the Global Crypto Forum of The World Government Summit 2022 and engaged in a heated discussion on defining the meaning of NFT, blockchain, and metaverse in the entertainment industry. His participation signifies the music industry’s rising interest in blockchain technology as a viable component for business growth.
SM Entertainment’s successful debut of Aespa, an avatar-infused girl group, is a significant indicator of where the mainstream music and entertainment businesses are headed.
Fantagio is yet another mainstream K-culture powerhouse that is actively expressing its interest in entering into the field of NFT. As a comprehensive entertainment company listed on the KOSDAQ with the next generation of K-pop groups such as Astro and Weki Meki as its artists along with various Korean actors, Fantagio is expanding its involvement in content generation with notable collaboration including the one with Studio Dragon, Korea’s largest drama production company, to produce the drama “Blind.”
Fantagio recently announced a plan to collaborate with Fellaz, a comprehensive web3 NFT solution provider for entertainment 3.0, to carry out a fan-centered NFT project. Fantagio will be releasing its first NFT collection in the near future with Fellaz, and showcase how mainstream music, fandom and NFTs can be brought together to create new value for both the artists and the fans.
5. Abyss Company
Abyss Company is a privately held entertainment company, relatively small in size compared to the aforementioned companies. Currently, Sandara Park from 2NE1 and Sunmi from Wonder Girls are part of Abyss Company.
Abyss Company’s NFT-related businesses have brought much attention as they have shown notable results with their NFT collections based on artists’ IP. In November last year, Abyss Company signed an MOU with FSN, a blockchain-specific marketing company. In February this year, the two companies issued “Sunmiya Club” PFP as their first NFT collection using the IP of Sunmi from Wonder Girls. The entire collection was sold out at OpenSea in just one second after the release, reaching a 24-hour trading volume of 4.66 million Klays (USD 5.74 million).
Abyss Company’s NFT business performance is referenced as a successful use-case of K-pop IP and NFT technology and is viewed as the first of many more cases to come. While we have yet to see how this market will unfold, with the wide spectrum of NFT use-cases that are currently being developed and introduced into the market, integration of web3 into the entertainment industry seems to be a trend that is here to stay.
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