Animal Concerts, an organizer for metaverse concerts, announced its partnership with Klaytn Network, a blockchain platform of major South Korean Internet company Kakao. The goal of this partnership is to help worldwide expansion plans of Klaytn and allow Animals Concerts access to the ever-increasing Korean entertainment industry.
More NFTs Expected on Klaytn Platform
Klaytn expects this partnership to increase NFTs being traded on its platform. It is only one of the three blockchains that have native support at the NFT marketplace OpenSea. Currently, it has the lowest NFT trading volume among all those three blockchains. Kakao also has plans to develop Kakao Games, a metaverse and NFT platform. Animal Concerts has plans to promote and organize concerts in the metaverse and issue cryptocurrency, NFTs, and promotional products for top artists. The company based in the US has already partnered with Alicia Keys for the promotion of her KEYS album.
NFTs Expected to Increase Revenue of the Music Industry
Colin Fitzpatrick, the CEO of the company Animal Concerts believes NFTs can boost the revenue of the music industry that has been facing lower revenue due to the recent pandemic. Artists who have to cancel tours and shows have been losing revenue and unable to join their fans at live show venues. Metaverse allows them to hold virtual concerts. It is an opportunity for them to avoid a complete revenue loss in the prevailing pandemic condition. These virtual concerts will transform the way these events are held. It will cut down the high costs of touring faraway venues.
Colin believes Klaytn is the right choice because it has excellent plans for Metaverse and NFTs. He sees great opportunities for his company in the $6 billion music and entertainment market of South Korea.