Animal Concerts Partners With Klaytn To Hold K-Pop Concerts On Metaverse

BTS can hold a music concert on Metaverse. (photo: twitter)

JAKARTA - Metaverse concert organizer Animal Concerts has now partnered with the Klaytn network, a South Korean unicorn owned by Kakao, to increase its exposure to the Korean entertainment industry and facilitate Klaytn's global expansion plans.

The January 10 announcement from Klaytn explains that the partnership between Klaytn and Animal Concerts is expected to help Klaytn increase the number of NFTs traded on the platform.

Klaytn is one of the three blockchains with native support on OpenSea, the largest NFT market, but has the lowest trading volume. Kakao, Klaytn's parent company, is also planning an NFT and Metaverse platform called Kakao Games.

Animal Concerts will organize and promote concerts on the Metaverse and plan to issue crypto, nonfungible tokens (NFT), and merchandise for top recording artists. The US-based brand has established a relationship with Alicia Keys to promote her album, KEYS.

The CEO of Animal Concerts, Colin Fitzpatrick, believes NFT can be a way for the music industry to boost revenue that had been lost since the start of the Covid-19 pandemic. Artists who experience show and tour cancellations will lose revenue and the ability to connect with fans directly.

Holding an eventual concert in a pandemic-free Metaverse could drastically change the way concerts are experienced and prevent disappointment from canceled shows, while reducing touring costs.

Fitzpatrick told Cointelegraph that working with Klaytn was natural because “Klaytn's main goal is NFT and Metaverse.” He also hopes to gain greater access to South Korea's $6 billion music entertainment market:

“Korean entertainment is going to be a big thing for Animal Concerts,” he added.

Fitzpatrick noted that while "technical limitations prohibit how many people can actually attend a concert on the Metaverse" due to current scalability concerns, he hopes to build a network of virtual venues across the existing and new Metaverse platforms to host concerts in a similar way. with a tour.

"It's hard to get the first few but eventually they will start coming to us," he said.

Klaytn is a large enterprise-backed blockchain but Fitzpatrick is not interested in concerns about decentralization. Klatyn's governance board includes 30 major corporate entities including Shinhan Bank, LG Electronics, Netmarble, and crypto-based entities Maker and Binance.

From Fitzpatrick's point of view, there may be some critics of decentralization, but “there are many blockchains that are not as decentralized as advertised.”

He also feels that there are also advantages to corporate entities involved in the blockchain space.

“I don't think people fully appreciate how things are going to work with a blockchain backed by such a giant,” said Fitzpatrick.