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K-pop’s dedication to NFTs and the metaverse remains strong in 2022, with new platforms and collaborations, despite some fans’ misgivings
- K-pop labels and companies have been investing heavily in the metaverse and NTFs, and show no signs of slowing down in 2022
- From semi-virtual group Aespa to Momentica, a new platform offering unique collectibles from Hybe groups, K-pop is still in love with Web3 tech
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Why you can trust SCMP
K-pop’s love affair with Web3 tech trends is still burning strong.
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Last year, NFTs and metaverses were the hottest tech buzz of the year, and K-pop companies, like many entertainment counterparts, began rapidly investing. Despite some popularity waning in early 2022, K-pop companies continue to invest.
In recent weeks, major industry players have announced new ventures that emphasise how popular these tech endeavours are among K-pop acts and companies as a new potential revenue source, despite mixed feelings from fans.
In September, IPX, formerly Line Friends, launched a collaboration between virtual influencer Wade and fashion label Peaceminusone, spearheaded by G-Dragon, which included different digital projects and an NFT launch.
Also in September, boy band P1Harmony joined Asian entertainment-focused metaverse platform Gemie, which claims to “offer a one-stop solution for artists and celebrities to realise their virtual ambitions”, like hosting virtual events and launching metaverse-focused collections to fans active on the platform.
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The growth has continued, with October 5 witnessing a new platform, Momentica, created by Levvels, a US-based joint venture by Korean blockchain and fintech giant Dunamu and Hybe, home to K-pop groups such as BTS and NewJeans.
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