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Korean pop music giant SM Entertainment is planning to build its own blockchain network with a native cryptocurrency in partnership with tech firm CT-AI Labs.
The news was confirmed by CT-AI Labs’ Director Joo Sang-sik, who made the announcement at the Upbit Developer Conference in Incheon on Sept. 4, local news outlet IT Chosun reported.
Joo said that the new initiative aims to encourage fans to be more engaged in the entertainment industry, allowing them to invest in artists’ work using cryptocurrencies.
He said that they are currently in talks with partners who will build the platform, although concrete details have not been revealed yet. He, however, hinted that the firm plans to use the concept of both public and private blockchains.
Joo said that SM sees blockchain as a “long-term” plan and that the development will come “in stages, according to priority.”
As one of the top three pop talent agencies in the country, SM Entertainment aims to connect the physical and virtual world using blockchain. Commenting on the current development, Joo described blockchain as a “decentralized entertainment entity” from the entertainment standpoint.
Last month, stablecoin creator Terra has added South Korean music streaming platform Bugs to its e-commerce alliance. Under the deal, which is reportedly the first of such collaboration between a music streaming service and blockchain payments platform, Bugs users can buy songs using Terra.
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