Korean culture can look forward to making a splash in the metaverse as the South Korean entertainment industry, along with the South Korea Ministry of Science and Information take bold steps.
An established player in Metaverse, The Sandbox, is betting big on the technology and is all set to expand business in the metaverse with Cube Entertainment.
The partnership aims to promote K-culture content globally via operating virtual space and developing digital assets.
The Sandbox-Cube Partnership
According to the official blog post, the joint initiative will concentrate on the “detailed collaboration for business expansion” with respect to the metaverse and NFTs. It began with the establishment of a recently unveiled joint venture called – AniCube – between Animoca Brands and Cube Entertainment.
With the latest partnership, the two entities also plan to bring various companies under their roster and host events to introduce the Korean culture in the metaverse, not restricting it to only K-POP with new business alliances.
Initially, Cube, with its LAND token holdings, will create a K-Culture complex cultural space, thereby allowing users to experience the Korean lifestyle in a virtual area powered by blockchain technology.
The technical backing for spatial projection will be provided by The Sandbox, while the Cube is tasked with preparing unique content related to K-Culture by forging partnerships with several domestic companies. In a bid to promote the space, affiliated artists of the entertainment firm are also set to join.
Sebastien BORGET, COO and Co-Founder commented:
“Cube is truly embracing the spirit of the open Metaverse by moving one step further into The Sandbox via its K-culture hub, where it is actively curating local brands and partners of their main K-POP label and offering them presence into The Sandbox through its own lands.”
The exec believes Cube will play a leading role in expanding Korean culture worldwide in the metaverse. Pitching it as the key of the fourth industrial revolution, BORGET said that the K-POP wave, as well as the K-Culture itself, will have a powerful influence in every sector.
World’s Fifth-largest Metaverse Market
The South Korean entertainment industry is going all out to embrace NFTs and the metaverse. The country’s lawmakers have an ambitious roadmap ahead of them. As reported by CryptoPotato, South Korea is planning to spend around $187 million to develop its metaverse ecosystem as part of its “Digital New Deal.”
South Korea’s Ministry of Science and Information and Communications Technology revealed that it plans to take its capital – Seoul – in particular, towards the metaverse to foster the development of industries and businesses. The government wants to build the fifth-largest metaverse market in the world by 2026.