Ava Labs, the developer behind the Avalanche blockchain community, is engaged on introducing web3 applied sciences to boost mental property administration within the quickly rising Ok-pop market.
Justin Kim, who leads Ava Labs’ operations in South Korea, mentioned the corporate’s strategic strikes to deliver blockchain options to the forefront of the leisure sector in an interview with DL Information on June 25.
Ok-pop, recognized for its large and devoted fanbase, is projected to generate substantial income from occasions and merchandise within the coming years. Primarily based on latest analysis, the market is anticipated to succeed in $20 billion by 2031.
Ava Labs goals to faucet into this potential by integrating non-fungible tokens (NFTs) and different web3 functions to boost fan engagement and guarantee truthful compensation for artists.
Mental property administration
Kim mentioned the Ok-pop trade faces vital challenges with monetary transparency, as artists typically don’t obtain their fair proportion of income from merchandise and content material gross sales.
Blockchain know-how, significantly NFTs, can present an answer by recording actual gross sales figures and guaranteeing clear transactions. Kim mentioned that Ava Labs has been securing partnerships with South Korea’s main industrial conglomerates, referred to as “chaebols,” to facilitate the adoption of web3 applied sciences.
Kim highlighted one notable partnership with SK Group, the nation’s third-largest conglomerate, which started collaborating with Ava Labs final 12 months. The partnership focuses on implementing NFT-based ticketing programs for Ok-pop concert events, leveraging SK Group’s in depth technological infrastructure.
Kim added that collaborating with giant, established firms is essential for retail adoption as these firms have already got a considerable consumer base, which smaller web3 startups typically lack.
Kim mentioned utilizing NFTs for Ok-pop merchandise will enable artists to have a “clear and clear report of gross sales” that may guarantee applicable compensation and handle a “long-standing situation within the trade.”
Increasing web3 tech
Ava Labs has additionally invested in Titan Content material, a inventive studio that blends Ok-pop with NFTs and different web3 improvements. Titan Content material is led by Han Se-min, the previous head of SM Leisure, South Korea’s largest Ok-pop company, recognized for managing in style teams like EXO and NCT.
Moreover, Ava Labs is exploring alternatives in South Korea’s vibrant on-line gaming market. In March, the corporate introduced plans to deliver Nexon’s in style sport MapleStory into the crypto house by incorporating NFTs as in-game property, facilitating simpler buying and selling amongst gamers.
As Ava Labs continues to increase its presence throughout Asia, with places of work in Japan, Vietnam, and India, the corporate’s revolutionary strategy to integrating blockchain know-how into mainstream industries highlights its dedication to driving digital transformation.
