Korean blockchain tech company, XPOP, is launching a new non-fungible token (NFT) marketplace with a focus on entertainment.
The new XPOP entertainment NFT marketplace is based on the Polkadot blockchain. The marketplace will go live by the end of June.
Its purpose is to provide access to a decentralized service that helps artists safely distribute their digital work.
According to the company, the marketplace will provide a “service to certify the originality of content and content ownership of each artist and to ensure the safe distribution of content on the XPOP blockchain network.”
This NFT marketplace is the first to be included on the Polkadot blockchain. Polkadot will provide interoperability with various blockchain networks to the project.
XPOP’s market will focus on the strong K-pop market and its die-hard fanbase in Asia.
The team responsible for the marketplace includes experts from the blockchain technology sectors and business entertainment world.
According to XPOP, the marketplace already has more than 200 K-pop artists signed on to contribute content to tokenize.
Asian interest in NFT marketplaces
NFTs have been getting a lot of attention in 2021, and Asia has been a big factor in the growth of these marketplaces.
XPOP NFT marketplace may be the first to focus on K-pop specifically. However, Korbit recently launched what it claims is the first NFT market in South Korea. Korbit’s marketplace is geared primarily to NFT digital art and allows creators to submit work for sale and features some music tokens.
China has also expressed interest in the NFT market despite exhibiting mixed feelings about cryptocurrencies in general.
In March, Beijing’s UCCA Lab hosted the nation’s first major NFT exhibition, “Virtual Niche: Have You Ever Seen Memes in the Mirror?” The exhibition included art from Beeple and Pak and saw 10,000 attend the week-long event.
Japan too is showing an increased interest in NFTs despite the legal uncertainties surrounding the industry.
The Japanese NFT market is still in its infancy. However, many high-profile businesses have already launched marketplaces in Japan, such as Coincheck Inc.
This has many considering a new digital economy focused on anime and other pop culture trends in the country.