Ava Labs, the developer of the Avalanche blockchain network, has expressed interest in entering South Korea’s K-Pop market. The idea is to facilitate Web3 integration via non-fungible tokens, or NFTs. Ava Labs naturally has plans to diversify its presence once it gains entry into the booming segment of the country. Plans were confirmed by Justin Kim on June 25, 2024, during a media interaction. Justin leads operations of Ava Labs in South Korea.
There are three reasons why Ava Labs wants to integrate with South Korea’s K-Pop market. First, the segment has a large following worldwide. Fans are known for their dedication to K-Pop, meaning they will either remain the same for a long time or increase in the future. Two, NFTs will help artists track the actual earnings from the sale of their merchandise. Three, fan engagement and fair compensation will take center stage following the Web3 integration.
Artists are often deprived of actual earnings because it becomes difficult to track and record the sale of merchandise. NFTs are contenders to solve that problem. Ava Labs will deploy its blockchain technology to ensure that all transactions are transparent and sales figures are reflected fairly.
Kim proposes NFTs for K-pop merch, creating a transparent sales record to ensure fair compensation for artists and tackle a long-standing issue in the industry.
This is not the first time that Ava Labs is attempting to expand Web3 integration in South Korea. It has previously successfully collaborated with SK Group to implement an NFT-based ticketing system for K-Pop events and concerts. Then, Ava Labs invested in Titan Content to boost NFTs and Web3 innovations for the K-Pop industry.
Moving forward, Ava Labs plans to explore opportunities in the gaming market by introducing MapleStory. The popular gaming title will be integrated with NFTs, enabling players to leverage in-game assets and conduct seamless trading among themselves.
An announcement about the plan has brought a notable uptick in the value of AVAX. The native token is listed at $25.64, with a surge of 2.35% in the last 24 hours. However, it reflects a drop of 5.60% and 32.01% in the last 7 days and 30 days, respectively. The 24-hour trading volume has dipped by 49.49% at the press time. Nevertheless, future predictions for AVAX are optimistic – probably driven by the hint of Web3 integration into the K-Pop market.
The next 5 days could see a jump to $33.08, followed by a surge to $83.04. The monthly growth roughly translates to 226.21% from the current value amid the volatility of 12.98%.
Ava Labs’ move comes when the crypto market struggles to sustain decent numbers. Bitcoin, for one, is below the psychological mark of $63,000, and Ether is listed at a value of less than $3,400. Ava’s move in South Korea’s K-Pop market might assist the crypto sphere in gaining positive momentum.