• SM Entertainment invites K-pop fans into their meta-space via NFTs

  • SM Entertainment, one of South Korea’s largest entertainment agencies, plans to create future content in its SM Culture Universe (SMCU) meta-universe – according to its founder Lee Soo-man at Solana’s Breakpoint 2021 conference.

    Lee Soo-man said SM’s own meta-universe, the SMCU, needs to be a place of creation where K-pop prosumers can play, enjoy and create freely.” This direction of re-creatable content will also be presented through NFT (non-fakeable tokens) content,” Lee said.SM plans to allow K-pop pro consumers to recreate their NFT content and receive a percentage of NFT in return.

    Regarding its metaspace, Lee mentioned that SM will use different forms of intellectual property (IP) from K-pop artists, music, music videos and performances to create cultural IP centered on the metaspace.

    Lee also acknowledged that the NFT platform could be the subject of regulation and said that the company will need to “carefully consider the scope of these legal requirements.”

    Founded in 1989, SM Entertainment is touted as a pioneer in the current K-pop industry, producing many successful groups such as EXO, NCT, SNSD and SHINee.In November 2020, SM launched its first meta-universe-themed girl group called aespa, which includes four members and their virtual reality counterparts who perform in the virtual world and promote the group.

    SM Entertainment is reportedly considering using Solana as a blockchain platform to distribute its NFT.

    Meanwhile, K-pop sensation BTS’s music label HYBE recently partnered with Dunamu, the operator of the South Korean cryptocurrency exchange Upbit, to issue BTS’s NFT fan collectibles.

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