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The Sandbox metaverse, music, and the NFT business have all had a very fruitful few days.
The NFT market and the virtual realm are attracting some of the music industry’s senior brass.
Universal Music Group, Sony Music, Warner Music Group, and Tencent are among the major music companies that have gone virtual.
The K-Pop band BTS, on the other hand, has been making a lot of noise and spearheading the charge since 2021.
In conjunction with Cube Entertainment, The Sandbox, a well-known brand in the metaverse, is investing heavily in technology and preparing to expand its activities in the metaverse.
The Sandbox Metaverse now has over 2 million users.
During its play-to-earn second season alpha launch, the Sandbox metaverse game, which is owned by NFT investment behemoth Animoca Brands, surpassed 2 million registered players.
Season 2 officially opened on Friday, and users may now explore 35 various virtual experiences, including a first peek at the “Snoopverse,” which was built in partnership with superstar rapper and new NFT proponent Snoop Dogg.
Animoca Brands has approximately 150 investments in non-financial technology (NFT)-related firms in its portfolio. It has put $3.7 million into bitsCrunch, a blockchain analytics company, to help secure NFT ecosystems employing blockchains like Polkadot, Solana, and Algorand.
Sandbox and Cube have partnered to promote K-Pop cultural content throughout the world by managing a virtual environment and creating digital assets.
K-Pop Has Arrived in The Metaverse, Thanks To Sandbox
In February, the two businesses announced the launch of a joint venture dubbed “AniCube” Entertainment, after creating an agreement last year to construct the K-Pop Music metaverse and NFTs of K-Pop Stars.
The “detailed collaboration for commercial growth” in regard to the joint venture based on NFTs and the metaverse will be the emphasis of the most recent announcement.
“By expanding its presence in The Sandbox through its K-culture core, Cube is adopting the open Metaverse’s philosophy,” said Sebastien Borget, Chief Operating Officer and Co-Founder of Cube.
Borget describes the K-culture landscape as “actively curating local businesses and partners” of their main K-Pop label and giving them a presence in The Sandbox through their own lands.
In the virtual world, the K-Pop group BTS has had a lot of success. In 2020, it sponsored a virtual concert called Bang Bang Con The Live, which drew 756,000 people from all around the globe. According to ELLE, the event brought approximately $20 million in revenue.
A Bold Plan for the Future
South Korean entertainment firms are attempting to embrace NFTs and the Sandbox metaverse in a concentrated effort. The country’s parliamentarians have a difficult path ahead of them.
According to many sources, South Korea plans to spend $187 million in the creation of its metaverse ecosystem as part of its “Digital New Deal.”
Meanwhile, the Sandbox’s virtual real estate price has fallen 9% in the last week to 2.97 Ether (ETH), which is currently worth around $8,100.
