Animal Concerts, the concert organizer for Metaverse, has partnered with the South Korean affiliated unicorn Klaytn to expand its presence in the Korean entertainment industry and facilitate Klaytn’s global expansion plans.

Klaytn’s announcement on January 10 states 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 three networks with built-in support for OpenSea, the largest NFT marketplace, but with the lowest trading volume. Klaytn’s parent company Kakao also plans to create an NFT and Metaverse platform called Kakao Games.

Animal Concerts will organize and promote concerts in Metaverse and plans to release cryptocurrency, immutable tokens (NFT) and merchandise for top performers. The American record company entered into a relationship with Alicia Keys to promote her album KEYS.

Colin Fitzpatrick, CEO of Animal Concerts, believes NFTs can help the music industry increase the revenue it has lost since the outbreak of the Covid-19 pandemic. Artists who cancel concerts and tours lose their income and the opportunity to interact with fans live. Holding concerts in a pandemic-free Metaverse can radically change the way concerts are perceived and prevent disappointment with cancellations of shows, as well as minimize touring on Kos.

Fitzpatrick told the Cointelegraph that it is natural to work with Kline because “Kleit’s main goals are NFT and Metaverse.”

He also hopes to gain wider access to the $ 6 billion South Korean music entertainment market:

“Korean entertainment will go a long way in animal parties.”
Fitzpatrick noted that while “technical limitations prevent the number of people who can actually attend a Metaverse concert” due to current scalability issues, he hopes to build a network of virtual arenas on existing and new Metaverse concert platforms in a similar way. to tour. “It’s hard for the first ones to get out, but eventually they will start coming to us,” he said.

Klatyn is a large corporate blockchain, but Fitzpatrick is not worried about decentralization problems. Klaytn’s board consists of roughly 30 legal entities, including Shinhan Bank, LG Electronics, Netmarble, as well as cryptocurrency-based companies Maker and Binance.

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According to Fitzpatrick, there may be some criticism of decentralization, but “there are many advertised decentralized blockchains.”

He believes that there are also benefits for legal entities participating in the blockchain area:

“I do not think people fully understand how things will work with a blockchain run by such a giant.”

Source: CoinTelegraph