According to Justice Kim, the Head of Ava Labs’s Korea division, K-pop groups are planning to integrate Web3 features into their musical endeavors and collections.
He added that the young generation in Korea, both women and men, is absolutely fanatical about K-pop groups, with expectations that the sector will generate approximately $20 billion in revenue from related events by 2031 According to his knowledge, the bands are busy incorporating the appropriate Web3 features to enhance the overall fan experience.
The musical enthusiasts will have the opportunity to vote on initiatives related to collections and purchase tickets for DAOs, which are largely related to their selection of K-pop bands.
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Avalanche, a layer 1 blockchain network, is the brainchild of Ava Labs, which possesses $681 million in assets. Ava Labs is currently onboarding consumers in countries such as Vietnam, Japan, and India, in addition to South Korea.
It is a known fact that South Korea has an inclination toward crypto. Cryptocurrency exchanges are rampantly utilized, and big business houses favor the growth of Web3.
The SK Group, known to be the third largest chaebol in South Korea, generates $119 billion in yearly revenue to its credit. The conglomerate formed an alliance with Ava Labs to offer NFT ticketing for K-pop gigs. Originally, the entity was into developing semiconductor technology, batteries, and a variety of other items.
Ava Labs has invested unknown amounts in companies such as Titan Content, a studio involved in K-pop NFTs and multiple other Web3 applications.
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There is no clarity regarding finance in the K-pop space, with several incidents where the bands have not received any payments. In Kim’s opinion, the way to address the issue is to utilize NFTs and crypto for K-pop collectibles, helping to keep tabs on audience earnings.
