Ava Labs, the developer behind the Avalanche blockchain community, is engaged on introducing web3 applied sciences to reinforce mental property administration within the quickly rising Okay-pop market.
Justin Kim, who leads Ava Labs’ operations in South Korea, mentioned the corporate’s strategic strikes to carry blockchain options to the forefront of the leisure sector in an interview with DL Information on June 25.
Okay-pop, identified for its huge and devoted fanbase, is projected to generate substantial income from occasions and merchandise within the coming years. Primarily based on current analysis, the market is anticipated to succeed in $20 billion by 2031.
Ava Labs goals to faucet into this potential by integrating non-fungible tokens (NFTs) and different web3 purposes to reinforce fan engagement and guarantee honest compensation for artists.
Mental property administration
Kim mentioned the Okay-pop trade faces important challenges with monetary transparency, as artists typically don’t obtain their justifiable share of income from merchandise and content material gross sales.
Blockchain expertise, notably NFTs, can present an answer by recording precise gross sales figures and guaranteeing clear transactions. Kim mentioned that Ava Labs has been securing partnerships with South Korea’s main industrial conglomerates, referred to as “chaebols,” to facilitate the adoption of web3 applied sciences.
Kim highlighted one notable partnership with SK Group, the nation’s third-largest conglomerate, which started collaborating with Ava Labs final 12 months. The partnership focuses on implementing NFT-based ticketing methods for Okay-pop live shows, leveraging SK Group’s intensive technological infrastructure.
Kim added that collaborating with massive, established corporations is essential for retail adoption as these corporations have already got a considerable consumer base, which smaller web3 startups typically lack.
Kim mentioned utilizing NFTs for Okay-pop merchandise will permit artists to have a “clear and clear document of gross sales” that can guarantee applicable compensation and deal with a “long-standing problem within the trade.”
Increasing web3 tech
Ava Labs has additionally invested in Titan Content material, a artistic studio that blends Okay-pop with NFTs and different web3 improvements. Titan Content material is led by Han Se-min, the previous head of SM Leisure, South Korea’s largest Okay-pop company, identified for managing common teams like EXO and NCT.
Moreover, Ava Labs is exploring alternatives in South Korea’s vibrant on-line gaming market. In March, the corporate introduced plans to carry Nexon’s common recreation MapleStory into the crypto house by incorporating NFTs as in-game property, facilitating simpler buying and selling amongst gamers.
As Ava Labs continues to develop its presence throughout Asia, with workplaces in Japan, Vietnam, and India, the corporate’s revolutionary strategy to integrating blockchain expertise into mainstream industries highlights its dedication to driving digital transformation.
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