As the popularity, worth and craze of K-pop soar globally, K-pop fans will be extremely happy to witness the launch of a fandom platform which is based on the blockchain technology and which will connect them globally and help them communicate with their favourite artists.
As per reports by BusinessKorea which is a social entertainment company snowM will roll out a demo version of the fan club social community platform, snowDAQ in July using the Luniverse blockchain platform operated by Lambda256, a subsidiary of Dunamu. K-pop is an extremely huge industry in Korea. It has undeniable popularity which has paved its way as a globally recognized industry. The biggest win for K-pop was the mainstreaming of their popular band, BTS which has a widespread impact on the western music industry as well. Many firms believe that blockchain technology could be used to further accelerate the growth of the industry.
Park Seung-hun, the CEO of snowM, hinted at the possibility of coming up with a token reward system for the fans based on their actions. He said, “users of entertainment-based blockchain services are fans and fan clubs. we hope that the services will resolve inconveniences that they experience and receive the fair value of fandom activity.” This service has come as a boon for the fans across the globe who try to buy concert tickets and K-pop merchandise by replacing the current payment system PayPal, with a Blockchain-based remittance system.
Z-pop Dream is another blockchain startup which has been built on the Ethereum network which focusses on recognition of budding talent and development of not so popular artists. SnowM is an entertainment company housing various other companies such as SM, SidusHQ, MBC, Bugs Music and Sony Pictures. The firm runs an incentivized social entertainment company, SnowMakers based on blockchain. SM Entertainment has been the top Korean entertainment firm in the year 2018 with a sales revenue of USD 532 million.
The advantages of using the blockchain technology have grabbed the attention of many South Korean startup firms. The government has shown support for crypto assets substantially instead of implementing outright bans as they did in the past. This has allowed firms to make innovative changes utilizing the technology at their disposal.