Ava Labs, the developer behind the Avalanche blockchain community, is engaged on introducing web3 applied sciences to boost 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, recognized for its huge and devoted fanbase, is projected to generate substantial income from occasions and merchandise within the coming years. Primarily based on latest analysis, the market is predicted to succeed in $20 billion by 2031.
Ava Labs goals to faucet into this potential by integrating non-fungible tokens (NFTs) and different web3 functions to boost fan engagement and guarantee truthful compensation for artists.
Mental property administration
Kim stated the Okay-pop business faces important challenges with monetary transparency, as artists usually don’t obtain their fair proportion of income from merchandise and content material gross sales.
Blockchain know-how, notably NFTs, can present an answer by recording precise gross sales figures and making certain clear transactions. Kim stated that Ava Labs has been securing partnerships with South Korea’s main industrial conglomerates, often called “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 yr. The partnership focuses on implementing NFT-based ticketing programs for Okay-pop live shows, leveraging SK Group’s intensive technological infrastructure.
Kim added that collaborating with giant, established corporations is essential for retail adoption as these corporations have already got a considerable consumer base, which smaller web3 startups usually lack.
Kim stated utilizing NFTs for Okay-pop merchandise will enable artists to have a “clear and clear document of gross sales” that may guarantee acceptable compensation and tackle a “long-standing subject within the business.”
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, recognized for managing well-liked 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 well-liked sport MapleStory into the crypto house by incorporating NFTs as in-game property, facilitating simpler buying and selling amongst gamers.
As Ava Labs continues to broaden its presence throughout Asia, with workplaces in Japan, Vietnam, and India, the corporate’s modern strategy to integrating blockchain know-how into mainstream industries highlights its dedication to driving digital transformation.
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