Korea’s Biggest Entertainment Company to Launch Its Own Cryptocurrency

Korea’s Biggest Entertainment Company to Launch Its Own Cryptocurrency

Korean pop giant SM revealed plans to build its own and blockchain in partnership with organization CTIA Labs.
CT-AI Labs CEO Sang-Sik Joo announced the initiative at the developer conference of South Korean exchange UpBit, local IT news outlet ITChosun reported on Sept. 4.
Joo noted that they are currently discussing the project with partners who will build the platform, but the details cannot be revealed yet.
SM reportedly expects the blockchain platform to bridge the physical and virtual world. Joo commented on the development by defining the function that he sees blockchain having in the entertainment industry, saying:
“Blockchain from the standpoint is a decentralized entertainment entity.”
A major industry player
SM is the largest South Korean entertainment company. Company data website Crunchbase estimates the firm’s annual revenue to be $350 million.
The industry has been seen as a major opportunity for blockchain technology. Interestingly, it is believed to be a tool capable of disintermediating it, allowing direct economic interaction between fans and artists who would also get a larger cut of the value they create.
As Cointelegraph reported in a dedicated contributor piece in June, blockchain is also seen as a way to contrast the censorship of that is often also a form of protest.

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