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According to the executive chairman, as K-pop has taken the globe by storm, Animoca Brands is teaming with Cube Entertainment to produce metaverse and non-fungible tokens (NFTs).

According to the company, the joint venture between Hong Kong-based Animoca Brands and South Korean entertainment company Cube Entertainment aims to create a music metaverse and issue NFTs and ecosystem tokens based on Cube Entertainment’s globally popular K-pop music artists and actors’ intellectual property rights.

The two companies will collaborate to build NFTs by combining digital sound sources, albums, photographs, and avatars of popular K-pop musicians under Cube Entertainment’s supervision.

Cube Entertainment is a record label, talent agency, music production, event management, and concert production firm, as well as a publishing house for music.

Cube Entertainment represents 50 artists, including K-pop stars Jo Kwon, BTOB, and PENTAGON, as well as performers Park Mi Sun and Lee Hwee Jae.

Animoca Brands’ executive chairman and co-founder, Yat Siu, said:

“K-pop is taking the world by storm, and here at Animoca Brands we can’t wait to work with Cube Ent and its roster of K-pop artists as we continue our efforts to make the open metaverse a reality.”

Animoca Brands is a digital entertainment, blockchain, and gamification company that is advancing digital property rights through NFTs and gaming in order to create an open metaverse.

NFTs are digital assets and collectibles with physical characteristics such as authenticity, rarity, scarcity, and other properties secured on an internet blockchain system.

Following the social investing platform Kikitrade’s ambition to expand its participation in the blockchain gaming (GameFi) and non-fungible token (NFT) markets, Animoca Brands boosted its stock in the firm to become the second-largest shareholder.

GameFi, sometimes known as play-to-earn (P2E) games, has had a recent spike to the point that it has dominated the blockchain market for multiple quarters.

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