Animal Concerts with Korean Klaytn: Pop Music in the Metaverse?

Metaverse concert organizer Animal Concerts has partnered with Korean unicorn Kakao's Klaytn network to increase its exposure in the Korean entertainment industry and facilitate Klaytn's global expansion plans.

In a Jan. 10 statement, Klaytn explained that the partnership between Klaytn and Animal Concerts is expected to help Klaytn increase the number of NFTs traded on the platform. Klaytn is one of only three blockchains with native support on OpenSea, the largest NFT marketplace, but has the lowest transaction volume. Kakao, the parent company of Klaytn, is also planning to develop an NFT and metaverse platform called Kakao Games.

Animal Concerts will organize and promote concerts in the metaverse, and plans to issue a cryptocurrency, non-fungible token (NFT), and merchandise from top recording artists. The US label has already partnered with Alicia Keys to promote her album KEYS.

Colin Fitzpatrick, CEO of Animal Concerts, believes that NFT may be a way for the music industry to boost the revenue lost since the start of the new crown epidemic pandemic. Artists who have had shows and tours canceled have suffered a loss of income and the ability to connect with fans on set. Hosting concerts in a metaverse free of the pandemic could drastically change the way people experience concerts, avoiding the disappointment of canceled shows and reducing the cost of touring.

Fitzpatrick told Cointelegraph that partnering with Klaytn was a natural fit because “Klaytn’s main target is NFTs and the Metaverse.”

He also hopes to further penetrate the $6 billion Korean music entertainment market:

"Korean entertainment will be a big deal for Animal Concerts."

Fitzpatrick noted that due to current scalability issues, "technical constraints limit the number of people who can attend concerts in the Metaverse," and he hopes to build a network of virtual venues through existing and new Metaverse platforms, in a manner similar to a tour. Hold a concert.

Klatyn is a blockchain backed by large corporations, but Fitzpatrick is confused by concerns surrounding decentralization. The Klaytn governance committee includes over 30 major corporate entities including Shinhan Bank, LG Electronics, Netmarble, and cryptocurrency entities Maker and Binance.

In Fitzpatrick's view, there may be some critics of decentralization, but "there are a lot of blockchains out there that aren't as decentralized as advertised."

He also believes that there are advantages to corporate entities participating in the blockchain space:

"I don't think people fully appreciate how a blockchain backed by such a large company is going to work."

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