South Korean music giant SM Entertainment announces plans to launch its own blockchain, cryptocurrency
A host of South Korean institutions have realized the potential and importance of integrating digital tokens into their businesses. Major businesses have already taken a step forward by announcing their own native tokens, taking a step closer to the mainstream adoption of cryptocurrencies. K-pop music giant SM Entertainment became the latest member to join the crypto-bandwagon by sharing its plans of launching its own mainnet-based blockchain and cryptocurrency.
According to local reports, Joo Sang-sik, Director of the company’s technology arm, CT-AI Labs, has revealed that the K-pop giant is looking forward to develop a blockchain network. The business aims to engage with its users in a way where users will get the opportunity to invest in artists’ work through cryptocurrencies. According to the senior executive, this will be a two-way process as fans’ contributions will help the artists create more creative songs and users will get the opportunity to earn rewards, in return.
The firm is also looking forward to move ahead with both its public and private blockchains. This can be considered as a step to turn the company’s declining popularity around and to bridge the gap between existing payment systems and the entertainment industry. For this, the music giant is currently in talks with potential partners to build the blockchain network.
The significance of this announcement must be highighted. SM Entertainment is valued at over $600 million and has been listed on the South Korean stock exchange. Amid the plummeting stock prices of the K-pop music giant and concerns raised by investors, Joo’s announcement of integrating its native token has cheered K-pop and crypto-fans alike.
