Ava Labs, the developer behind the Avalanche blockchain community, is working to implement web3 applied sciences to enhance mental property administration within the fast-growing Okay-pop market.
Justin Kim, who leads Ava Labs operations in South Korea, mentioned the corporate's strategic strikes to convey blockchain options to the forefront of the leisure sector in an interview with DL Information on June 25.
Recognized for its huge and devoted fan base, Okay-pop is anticipated to generate vital income from occasions and merchandise within the coming years. Based mostly on current analysis, the market is anticipated to succeed in $20 billion by 2031.
Ava Labs goals to harness this potential by integrating non-fungible tokens (NFTs) and different web3 functions to extend fan engagement and guarantee honest remuneration for artists.
Mental property administration
Kim mentioned the Okay-pop trade faces vital monetary transparency points as a result of artists usually don’t obtain their fair proportion of income from merchandise and content material gross sales.
Blockchain expertise, particularly NFTs, can present an answer by recording correct gross sales knowledge and making certain clear transactions. Kim mentioned Ava Labs is 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 working with Ava Labs final yr. The partnership focuses on implementing NFT-based ticketing programs for Okay-pop live shows utilizing SK Group's in depth expertise infrastructure.
Kim added that working with massive established corporations is crucial to retail adoption, as these corporations have already got a major consumer base that smaller web3 startups usually lack.
Kim mentioned the usage of NFTs for Okay-pop merchandise will permit artists to have “clear and clear gross sales information” that can guarantee enough compensation and remedy “a long-standing downside within the trade.”
Extension of web3 expertise
Ava Labs additionally invested in Titan Content material, a artistic studio that mixes Okay-pop with NFT and different web3 improvements. Titan Content material is headed by Han Se-min, the previous head of SM Leisure, South Korea's largest Okay-pop company, recognized for managing in style teams corresponding to EXO and NCT.
As well as, Ava Labs is exploring alternatives in South Korea's vibrant on-line gaming market. In March, the corporate introduced plans to convey Nexon's in style sport MapleStory into the crypto house by incorporating NFTs as in-game belongings, which is able to facilitate buying and selling between gamers.
As Ava Labs continues to broaden its presence in Asia, with places of work in Japan, Vietnam and India, the corporate's modern strategy to integrating blockchain expertise into mainstream industries underscores its dedication to driving digital transformation.
