Followers of Okay-Pop woman group Mamamoo will quickly be capable of purchase digital merchandise associated to the band utilizing blockchain expertise.

RBW (Rainbowbridge World), a South Korean leisure firm representing Mamaoo and different widespread Okay-Pop artists reminiscent of Vromance and Oneus, is leaping into the cryptocurrency world by issuing non-fungible tokens (NFT) on Hong Kong-based trade Xeno. The tokens give Okay-Pop followers and different buyers a declare of actual possession in digital merchandise associated to RBW entertainers.

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In an unique interview with CoinDesk, the Xeno workforce introduced that RBW has given the NFT trade unique rights to mint and listing their NFT-based digital merchandise.

“Fanbases get digital items for his or her favourite artists that they will really personal, and artists and content material creators get new and thrilling merchandise to supply their followers,” Jae-Woong Wang, CEO of RBW Japan, informed CoinDesk in an announcement. “Digital occasion tickets, membership tokens, even digital content material rights can all be captured and housed inside NFTs. The pattern of digital commerce is rising and RBW needs to remain on prime of those tendencies whereas on the similar time open new markets when potential.”

The precise time of when the NFTs will likely be launched has but to be introduced. Xeno informed CoinDesk that the underlying digital merchandise will embody “3D mannequin renderings” of followers’ favourite Okay-Pop idols, occasion tickets for digital live shows and membership tokens that “permit artists to interact their fanbases”.

RBW’s transfer comes at a time of explosive development in buying and selling volumes for NFTs, which tripled in 2020 in comparison with 2019, in response to knowledge from Dune Analytics. The elevated curiosity in NFTs is partly pushed by the COVID-19 pandemic that has compelled most cancellation of in-person occasions.

Not like fungible cryptocurrencies reminiscent of bitcoin and ether, NFTs are distinctive tokens that can not be exchanged one to at least one. For followers of Mamamoo, that interprets into possession of a singular digital product developed across the singers.

Xeno’s NFT market launched final month after the corporate noticed a doubtlessly large marketplace for NFTs in East Asia, Xeno’s president, Anthony Di Franco, informed CoinDesk. The corporate at the moment operates primarily in Hong Kong, Japan and South Korea.

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South Korea alone has the fourth-largest gaming market on the planet, with well-established digital items marketplaces, Di Franco stated. The East Asian nation additionally has “very excessive engagement” with all types of leisure together with the Okay-Pop trade. The Gaon Digital Chart, South Korea’s music trade normal rating recorded singles, exhibits practically 21 million weekly performs for this week’s No. 1 music alone.

RBW’s information may lead extra distinguished leisure firms in East Asia to observe the NFT pattern, as most dwell occasions world wide are nonetheless on pause as a result of pandemic, in response to the executives at Xeno. In addition to these in Okay-Pop, a number of partnerships with well-established names in excessive trend and the web gaming industries are already “within the pipeline,” the trade stated.

“RBW is a reasonably reasonably impactful firm, with widespread woman group Mamamoo together with a number of boy bands and a brand new woman group, Purple Kiss, beneath its administration,” Tamar Herman, Okay-Pop journalist at Hong Kong-based South China Morning Put up, informed CoinDesk in an e-mail. “The corporate has a repute for high-value performances and artistry.”

Whereas most NFT exchanges are primarily based on the Ethereum blockchain, Xeno is constructed on the Polkadot community due to its higher scalability, full cross-chain interoperation and integration, and Polkadot’s distinctive “parachain” characteristic that provides the workforce full management of the protocol layer of the system, Di Franco informed CoinDesk.

Learn extra: Some Asian Merchants Are Utilizing Polkadot to Predict Bitcoin’s Future

“NFTs are the proper medium for these habits to develop and evolve in,” Di Franco stated. “NFTs take possession of digital items out of their silos, turning a set of mutually unique walled gardens into a real market, and exponentially growing the chances for inventive entrepreneurship for digital artists and the enterprise alternatives for the platforms they work on.”

UPDATE (Jan. 16, 2021, 12:38 UTC): Xeno relies in Hong Kong, not South Korea. The article has been up to date.

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