Kakao's Klaytn network announced their partnership with Animal Concerts, a metaverse concert organizer, on January 10. The South Korean unicorn intends to gain more exposure in the Korean entertainment industry and expand Klaytn globally. The partnership will significantly increase the number of NFTs available on their platform. Apart from Ethereum and Polygon, Klaytn is the only blockchain with native support on Opensea, the largest marketplace for NFTs. Kakao, the parent company of Klaytn, has also made plans for launching Kakao Games, an NFT and metaverse platform on the Klaytn blockchain.
Animal Concerts is a USA-based brand that plans on organizing and promoting concerts in the metaverse. The top recording artists also plan to issue NFTs, cryptocurrencies, and various merchandise. The music industry has faced severe revenue loss since the outbreak of Covid-19. Animal Concerts CEO Colin Fitzpatrick believes NFts can help significantly boost the music industry's revenues. There have been many tour cancellations, and artists are struggling to connect with fans live. Organizing concerts in the metaverse will cut the touring costs and prevent the disappointment of canceled shows. Animal Concerts has already entered into a partnership with Alicia Keys and is promoting her album KEYS.
There have been some criticisms about Animal Concerts' plans to adopt blockchain and decentralization. For now, there are some limitations on the number of people who can attend a concert in the metaverse. Looking ahead to the scalability issues, Animal Concerts is trying to enter new and existing metaverse platforms to build a series of virtual venues. These venues will enable them to host concerts in the metaverse in traditional touring fashion. If they can sustain beyond the initial hardships, you might be able to attend the concerts of your favorite K-pop artists from the comfort of your home.