Ava Labs, the developer of the Avalanche blockchain community, is working to undertake Web3 expertise to strengthen mental property administration within the burgeoning Ok-pop market.
Justin Kim, head of Ava Labs’ Korea operations, defined the corporate’s strategic transfer to convey blockchain options to the forefront of the leisure sector in a June 25 interview with DL Information.
Recognized for its giant and devoted fanbase, Ok-pop is anticipated to generate important income from occasions and merchandise within the coming years, with a latest examine predicting the market is anticipated to achieve $20 billion by 2031.
Ava Labs goals to harness this potential by integrating non-fungible tokens (NFTs) and different Web3 purposes to extend fan engagement and guarantee truthful compensation for artists.
Mental Property Administration
Kim mentioned the Ok-pop trade faces main challenges on the subject of monetary transparency, with artists usually not receiving their justifiable share of income from merchandise and content material gross sales.
Blockchain expertise, and NFTs particularly, can present an answer by recording correct gross sales and guaranteeing transparency of transactions. Kim mentioned Ava Labs has secured partnerships with main South Korean industrial conglomerates (referred to as “chaebols”) to speed up the adoption of Web3 expertise.
Kim highlighted a notable partnership with South Korea's third-largest conglomerate, SK Group, which started working with Ava Labs final 12 months, specializing in leveraging SK Group's in depth expertise infrastructure to implement an NFT-based ticket gross sales system for Ok-pop concert events.
Kim added that working with giant, established corporations is essential for retail adoption as a result of these corporations have already got a major person base that smaller Web3 startups usually lack.
Kim mentioned the usage of NFTs for Ok-pop merchandise would enable artists to have a “clear and clear document of gross sales” and guarantee correct compensation, addressing a “long-standing problem within the trade.”
The rise of Web3 applied sciences
Ava Labs has additionally invested in Titan Content material, a artistic studio fusing Ok-pop with NFTs and different Internet 3 improvements, led by Han Semin, former head of SM Leisure, South Korea's largest Ok-pop company identified for managing standard teams resembling EXO and NCT.
Moreover, Ava Labs is exploring alternatives in South Korea's vibrant on-line gaming market: In March, the corporate introduced plans to convey Nexon's standard sport MapleStory into the crypto world by incorporating NFTs as in-game property to facilitate transactions between gamers.
As Ava Labs continues to broaden throughout Asia with places of work in Japan, Vietnam and India, the corporate's modern method to integrating blockchain expertise into mainstream industries highlights its dedication to driving digital transformation.
