As the popularity and worth of K-pop soar globally, K-pop fans will be happy to witness the launch of a blockchain-based fandom platform to connect them globally and help them communicate with the artists.
As reported by BusinessKorea, social entertainment company snowM will roll out a demo version of the fan club social community platform, snowDAQ in July using the Luniverse blockchain platform operated by Lambda256, a subsidiary of Dunamu.
K-pop is a big industry in Korea. Its undeniable popularity has paved its way as a globally recognized industry. The biggest win for K-pop was the mainstreaming of the popular band, BTS which has has a widespread impact on the western music industry. Many companies believe that blockchain technology could be used to further accelerate the growth of the industry.
Park Seung-hun, CEO of snowM, hinted at the possibility of coming up with a token reward system for the fans based on their actions. He said:
“Users of entertainment-based blockchain services are fans and fan clubs. We hope that the services will resolve inconveniences that they experience and receive the fair value of fandom activity.”
This service comes as a boon for the overseas fans who try to buy the concert tickets and K-pop merchandise by replacing the current payment system PayPal, with a Blockchain-based remittance system.
Z-Pop Dream is another blockchain-based startup built on Ethereum focused at recognition of budding talent and development of the artists. snowM is an entertainment company housing various other companies such as SM, SidusHQ, MBC, Bugs Music and Sony Pictures. The company already runs an incentivized social entertainment company, SnowMakers based on blockchain. SM entertainment was the top Korean entertainment company in 2018 with a sales revenue of USD 532 million.
The advantages of blockchain technology have grabbed the attention of many South Korean start-ups. The government has showed support towards cryptocurrencies substantially instead of implementing outright bans as they did in the past. This has driven companies to make innovative changes utilizing the technology at their disposal.
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