Animal Concerts, a metaverse concert organizer, has partnered with Klaytn, a South Korean service-central platform based on blockchain. The partnership will globally expand the Korean entertainment industry’s exposure. In an announcement on January 10, 2022, Klaytn describes how partnering with Animal Concerts will likely lead to an increase in NFT trades on its platform.
OpenSea is the most sizable NFT marketplace, and Klaytn is one of just three blockchains with native support for it. However, Klaytn currently has the lowest trading volume. The company’s new partnership could change that. Additionally, Kakao, the parent company of Klaytn, is working on a metaverse and NFT platform. Of course, it’ll face competition in the gaming arena as well. Square Enix has made its intentions to join the blockchain game market clear.
Animal Concerts plans to host and promote metaverse concerts, as well as offer merchandise, NFTs, and cryptocurrency. Likewise, the company has already negotiated a deal to promote the album KEYS by Alicia Keys.
Music and the Metaverse
Music is becoming a lucrative industry in the metaverse and Animal Concerts is not the only platform hosting concerts. Do Meta is Melodity’s music-centric metaverse, which offers listen-to-earn and play-to-earn models. Additionally, Soundscape VR’s Magic Mirror metaverse has recently made deals with rock band Evanescence and electronic music producer Griz.
Colin Fitzpatrick, CEO of Animal Concerts, believes the music industry can bolster revenue via non-fungible tokens. Since the pandemic began, the music industry has taken a financial hit, with many concerts cancelled due to Covid-19. However, hosting shows in the metaverse bypasses that worry, and fans won’t need to concern themselves with last-minute cancellations. Not to mention, holding concerts virtually will drastically reduce touring costs.
While scalability issues mean limiting the number of attendees at these virtual events, Fitzpatrick intends to create multiple virtual venues at which artists can perform. These multiple venues will allow artists to tour virtually. Fitzpatrick told Cointelegraph, “It’s hard to get the first few going, but eventually they’ll start coming to us.”