A Passing Trend? Or the future?
Many of the major entertainment companies have started heavily investing in NFTs and virtual reality. Companies that back major groups like BTS, Blackpink, Twice are investing in digital trends to promote their groups. The reception of these digital trends has been mixed. For example, when the Boy band A. C. E released an NFT, fans were concerned with the environmental impact of the format. Recent uncertainties have also arisen with the safety and stabilities of NFTs and cryptocurrency. Bitcoin, the most popular cryptocurrency had it’s price fall by more than 70% in value since its all-time high last November.
Regardless of these worries, K-pop’s adoption of these technologies are on the upswing. Aespa, which features four real members and their respective online avatars, is working with visual artist and NFT queen Blake Kathryn, to launch a NFT collection in October. This month a digital platform was launched specifically for the K-Pop fandom. Collectibles on the site are kept secure through blockchain technologies like cryptocurrencies and NFTS. For its launch, fans of the top K-Pop groups, SEVENTEEN, fromis_9, TOMORROW X TOGETHER, ENHYPEN and LE SSERAFIM, could get free digital collectibles.
What are your thoughts? Do you think that these digital trends have lasting power for K-pop? Will this be the future of the entertainment industry?