This photo provided by SM Entertainment shows members of K-pop group SuperM on stage on April 26, 2020, during the band’s online concert put on by Beyond Live.
SEOUL, July 20 (Korea Bizwire) — The K-pop industry is bracing for a change with the recent rise of non-fungible tokens (NFT).
South Korean Singer Se7en has released a new song’s Korean and English version as an NFT.
Alternative rock band Leenalchi, too, released its latest hit “Tiger is Coming” as an NFT.
K-pop powerhouse JYP Entertainment signed an agreement with local blockchain firm Dunamu to work on building an NFT platform for K-pop, becoming the first South Korean entertainment company to join the NFT market.
The music industry is starting to focus on NFTs as means to turn music into an ‘asset’ with considerable rarity and overcome music’s devaluation caused by streaming platforms.
With the onset of digital streaming platforms that replaced CDs and other hard-copy discs, music has no longer become something that’s ‘owned,’ but rather ‘shared’.
NFTs, however, can retrieve the concept of ownership over the original version of digital content.
Experts believe that the K-pop industry with its strong fan base fits perfectly with the features included in NFTs.
“(K-pop fans) have a considerable desire to own everything about the stars they like,” said culture critic Kim Heon-shik. “They are also well-versed in mobile culture, which also works as a strength.”
Some, however, point out that excessive profitization should be kept in check, and those looking to profit from the NFT boom would do well to look out for issues that can arise from the process, such as infringing upon the privacy of celebrities and their portrait rights, and more.
H. M. Kang (hmkang@koreabizwire.com)
