SM Leisure, a single of Korea’s best-3 pop talent agencies, is arranging to create its have blockchain community with a indigenous cryptocurrency as it battles a shareholder revolt and a slipping stock value.
Joo Sang-sik, director of the company’s technological innovation arm, CT-AI Labs, manufactured the announcement at the Upbit Developer Conference in Incheon on Sept. 4, according to a report from area media outlet IT Chosun.
Joo reported the corporation is aiming to create a blockchain community that would make it possible for lovers to be much more engaged with the amusement ecosystem by investing in artists’ function via cryptocurrencies.
The director furnished several particulars about the technological innovation, but reported the firm aims to make use of the ideas of each general public and private blockchains and is currently chatting to potential associates to create the community.
The amusement organization as it stands makes use of inefficient settlement and payment units – concerns that blockchain could support tackle, Joo reported.
SM Leisure is a power in the K-pop planet, which is becoming a single of Korea’s most critical exports. The corporation was established in 1995 by Lee Soo-guy – sometimes called the President of Lifestyle. Its acts incorporate Girls’ Technology, EXO and Pink Velvet.
SM Leisure is stated on the Korean stock trade and has a current market capitalization of around $600 million. The firm undertook a management reshuffle not too long ago, as shareholders raised problems about its finances and some of its organization choices. Its stock value has dropped 43 % since very last November.
SM Leisure is not the first corporation to have proposed the use of blockchain tech in the K-pop marketplace.
In late 2018, a system called Ko-pleasurable was released, aimed to make it possible for K-pop-associated crypto transactions on a blockchain. The plan was to generate cash for individuals acts, these as a BTS Coin.
K-pop live performance image by using Shutterstock