We're hearing a lot about metaverses and NFTs lately and it seems like the topic of the week on our show as we're revisiting this fascinating issue throughout this week.
So we've got a glimpse into the metaverse earlier this week talking to a tech futurist, and today, we'll be talking about NFTs in the metaverse and how K-pop entertainment companies are leveraging on this promising technology.
Joining us today live in the studio is music and culture critic Youngdae Kim, to tell us more about it. Great to have you with us.
So there's been news recently that major K-pop labels such as JYP, YG and SM have been aggressively investing in metaverse platforms. JYP has teamed up with blockchain company Dunamu to build an NFT platform, which is the first among entertainment groups to make the move. What is the background behind this and why is this a big deal?
Many other entertainment companies and K-pop labels and groups are jumping into the NFT business. Looks like fans will be able to purchase digital tracks and buy and sell items related to their idol stars using NFTs. Is this how NFTs will mostly be used? How are they being used in the entertainment industry both locally and globally?
It seems as if the entertainment industry is looking into the future of K-pop with these new technologies such as blockchain and NFTs and their usage in metaverses. Why is this technology important for the industry? Are there any dangers or downsides to it? Obviously, we can imagine some issues rising regarding privacy, IP, or ethics?
Do you think the adoption and usage of such technology can possibly change, not just the way we consume K-pop and idol groups, but the future of the music industry in general? Will this be sustainable in the long run?
Music critic and ethnomusicologist, Youngdae Kim, on Metaverse and NFTs in the K-pop industry.
Thanks for your insights, Youngdae.