Korean Music Giant SM Entertainment Planning to Launch Own Crypto

SM Entertainment, a leading South Korean talent agency, is planning to introduce a digital currency to bring fans closer to the artists.

Reported by local IT news outlet ITChosun on September 4, the entertainment giant is partnering with tech organization CT-AI Labs to roll out the cryptocurrency.

The prospect was announced at the developer conference of South Korean crypto exchange UpBit by Sang-Sik Joo, chief executive of CT-AI Labs.

He revealed that with the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term network and the digital currency, the company is aiming to allow fans to invest in artists' works. This will create more engagement between the fans and the artists in the entertainment industry.

“Blockchain from the entertainment standpoint is a decentralized entertainment entity,” Joo said.

Founded in 1995, SM Entertainment made its mark with the rising Korean pop industry, which is finding a massive audience globally. According to Crunchbase, the company has an estimated annual revenue of $350 million.

Despite the impressive figures, the company’s stock price is tumbling on the exchanges. Since last November, its share prices went down 43 percent. After shareholders of the company raised concerns with the company’s finances and business decisions, it underwent a management reshuffle recently.

Creating a blockchain-based ecosystem for investment on celebrities

Though launched as an alternative to fiats, Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term are penetrating every sector, including the lucrative entertainment industry. Welterweight boxing champion Manny Pacquiao recently launched the first celebrity-backed digital currency, which will give his fans access to exclusive merchandise and connect with the star on social media.

Pacquiao's coin will be listed on the Singapore-based Global Crypto Offering Exchange (GCOX), which is trying to create a celebrity-focused marketplace on blockchain. The exchange also signed US singer-songwriter Jason Durelo and tennis player Caroline Wozniacki to launch their digital currencies.