3 months ago
Ava Labs, the developer down the Avalanche blockchain network, is moving connected introducing web3 technologies to heighten intelligence spot absorption successful the rapidly increasing K-pop market.
Justin Kim, who leads Ava Labs’ operations successful South Korea, discussed the company’s strategical moves to bring blockchain solutions to the forefront of the amusement assemblage successful an interrogation with DL News connected June 25.
K-pop, known for its monolithic and dedicated fanbase, is projected to make important gross from events and merchandise successful the coming years. Based connected caller research, the marketplace is expected to scope $20 cardinal by 2031.
Ava Labs aims to pat into this imaginable by integrating non-fungible tokens (NFTs) and different web3 applications to heighten instrumentality engagement and guarantee just compensation for artists.
Intellectual spot management
Kim said the K-pop manufacture faces important challenges with fiscal transparency, arsenic artists often bash not person their just stock of gross from merchandise and contented sales.
Blockchain technology, peculiarly NFTs, tin supply a solution by signaling nonstop income figures and ensuring transparent transactions. Kim said that Ava Labs has been securing partnerships with South Korea’s large concern conglomerates, known arsenic “chaebols,” to facilitate the adoption of web3 technologies.
Kim highlighted 1 notable concern with SK Group, the country’s third-largest conglomerate, which began collaborating with Ava Labs past year. The concern focuses connected implementing NFT-based ticketing systems for K-pop concerts, leveraging SK Group’s extended technological infrastructure.
Kim added that collaborating with large, established companies is important for retail adoption arsenic these companies already person a important idiosyncratic base, which smaller web3 startups often lack.
Kim said utilizing NFTs for K-pop merchandise volition let artists to person a “clear and transparent grounds of sales” that volition guarantee due compensation and code a “long-standing contented successful the industry.”
Expanding web3 tech
Ava Labs has besides invested successful Titan Content, a originative workplace that blends K-pop with NFTs and different web3 innovations. Titan Content is led by Han Se-min, the erstwhile caput of SM Entertainment, South Korea’s largest K-pop agency, known for managing fashionable groups similar EXO and NCT.
Additionally, Ava Labs is exploring opportunities successful South Korea’s vibrant online gaming market. In March, the institution announced plans to bring Nexon’s fashionable crippled MapleStory into the crypto abstraction by incorporating NFTs arsenic in-game assets, facilitating easier trading among players.
As Ava Labs continues to grow its beingness crossed Asia, with offices successful Japan, Vietnam, and India, the company’s innovative attack to integrating blockchain exertion into mainstream industries highlights its committedness to driving integer transformation.
The station Ava Labs eyes web3 integration successful South Korea’s booming K-Pop industry appeared archetypal connected CryptoSlate.
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