K-Pop Music Giant SM Entertainment Is Planning Its Own Cryptocurrency
[NEWS BLOG]: K-Pop Music Giant SM Entertainment Is Planning Its Own Cryptocurrency
SM Entertainment, one of Korea’s top-three pop talent agencies, is planning to build its own blockchain network with a native cryptocurrency as it battles a shareholder revolt and a falling stock price.
Joo Sang-sik, director of the company’s technology arm, CT-AI Labs, made the announcement at the Upbit Developer Conference in Incheon on Sept. 4, according to a report from local media outlet IT Chosun.
Joo said the company is aiming to develop a blockchain network that would allow fans to be more engaged with the entertainment ecosystem by investing in artists’ work through cryptocurrencies.
The director provided few specifics about the technology, but said the firm aims to make use of the concepts of both public and private blockchains and is currently talking to potential partners to build the network.
The entertainment business as it stands utilizes inefficient settlement and payment systems – issues that blockchain could help address, Joo said.
SM Entertainment is a force in the K-pop world, which is becoming one of Korea’s most important exports. The company was founded in 1995 by Lee Soo-man – sometimes called the President of Culture. Its acts include Girls’ Generation, EXO and Red Velvet.
SM Entertainment is listed on the Korean stock exchange and has a market capitalization of roughly $600 million. The firm undertook a management reshuffle recently, as shareholders raised concerns about its finances and some of its business decisions. Its stock price has dropped 43 percent since last November.
SM Entertainment is not the first company to have proposed the use of blockchain tech in the K-pop industry.
In late 2018, a platform called Ko-fun was launched, aimed to allow K-pop-related crypto transactions on a blockchain. The plan was to create coins for individuals acts, such as a BTS Coin.
OTHER RELATED NEWS
Messaging Giant LINE Wins Japan License for Crypto Exchange Business
LINE, provider of Japan’s most popular messaging app, has just been approved for a cryptocurrency business license in the country.
The news, reported by CoinDesk Japan on Friday, means it will be able to offer its crypto exchange services in Japan where it has 80 million monthly active users. The new platform is to be called BitBox, according to the company.
The license was awarded by Japan’s Financial Services Agency, which indicated on its website that the registration was completed on Sept. 6 in the name of LVC Corp., which oversees LINE’s digital asset and blockchain business units.
LINE President Takeshi Dezawa also disclosed completed FSA - read more.
Former Giant YouTuber Michelle Phan is Now a Bitcoin Evangelist
After leaving YouTube at the height of her channel in 2015, one of YouTube’s earliest creators and most famous beauty stars, Michelle Phan, picked up cryptocurrencies as one of her most stimulating interests, finding her discovery of Bitcoin more exciting than that of YouTube.
Feeling burnt-out, but also thinking that she'd accomplished all that she wanted to on YouTube since she started her beauty channel in 2007, the 32-year-old American makeup artist, entrepreneur, author, and voice actress decided that the highest point of the channel was the best to walk away, she told The Cut.
While Phan still has an interest in beauty and - read more.
Crypto Games, a Market in the Making of Its Own Fortune
Since the release of a game called CryptoKitties in November 2017, the concept of nonfungible tokens has been rooted in the minds of developers and crypto investors alike. The year 2019 was groundbreaking, with large, multinational companies beginning to draw attention to the new sector of digital assets and develop their own projects. In 2020, however, new games backed by different technologies are starting to emerge. So, what does 2020 hold for crypto games?
Tokens that cannot be changed
There are a lot of fungible tokens that the crypto community uses every day, like Monero (XMR) and so on. An - read more.