Ava Labs, the developer behind the Avalanche blockchain network, is working to introduce web3 technologies to enhance intellectual property management in the rapidly growing K-pop market.
Justin Kim, head of Ava Labs’ operations in Korea, shared the company’s strategic moves to bring blockchain solutions to the forefront of the entertainment sector.
K-pop, known for its large and devoted fan base, is expected to generate significant revenue from events and merchandise in the coming years. Based on recent research, the market is expected to reach $20 billion by 2031.
Ava Labs aims to exploit this potential by integrating NFTs and other web3 applications to increase fan engagement and ensure fair compensation for artists.
Intellectual property management
Kim said the K-pop industry faces significant challenges in terms of financial transparency, as artists may not receive their fair share of income from sales such as merchandise and content sales. content such as albums and digital downloads, as well as other revenue streams related to their popularity.
Blockchain technology, especially NFTs, can provide a solution by recording accurate sales figures and ensuring transparent transactions. Kim said Ava Labs has been securing partnerships with major Korean industrial corporations, known as “chaebol,” to facilitate the adoption of web3 technology.
Kim highlighted a notable partnership with SK Group, the country’s third largest conglomerate, which began collaborating with Ava Labs last year. The partnership focuses on implementing an NFT-based ticketing system for K-pop concerts, leveraging SK Group’s extensive technology infrastructure.
Partnering with large and reputable companies is crucial for retail adoption as these companies already have a significant user base.
Kim said using NFTs for K-pop merchandise would allow artists to have “clear and transparent sales records” to ensure appropriate compensation and solve “a long-standing problem in branch”.
Ava Labs has also invested in Titan Content, a creative studio that combines K-pop with NFTs and other web3 innovations. In addition, Ava Labs is exploring opportunities in Korea’s vibrant online gaming market. In March, the company announced plans to bring Nexon’s popular MapleStory game into the crypto space by incorporating NFTs as in-game assets, making it easier for players to transact.
Itadori
According to Cryptoslate
