The past few days have been very productive for the Sandbox metaverse, music and the NFT industry.
Some of the music industry’s top brass are making a beeline for the NFT market and the virtual sphere.
Major music labels, including Universal Music Group, Sony Music, Warner Music Group, and Tencent, have all gone virtual.
Since 2021, however, the K-Pop band BTS has been making a lot of noise and leading the charge.
The Sandbox, a well-known name in the metaverse, is investing big on technology and is gearing up to expand its operations in the metaverse in partnership with Cube Entertainment.
Sandbox Metaverse Tops 2M Users
The Sandbox metaverse game, which is owned by NFT investment behemoth Animoca Brands, topped 2 million registered gamers during its play-to-earn second season alpha launch.
Season 2 launched officially on Friday, and users can now freely explore 35 unique virtual experiences, including a preview of the “Snoopverse,” created in collaboration with celebrity rapper and new NFT proponent Snoop Dogg.
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Animoca Brands has a growing portfolio of over 150 investments in non-financial technology (NFT)-related businesses. It has invested $3.7 million in bitsCrunch, a blockchain analytics firm, to secure NFT ecosystems using blockchains such as Polkadot, Solana, and Algoran.
The tie-up between Sandbox and Cube intends to promote K-Pop culture material globally by operating a virtual area and generating digital assets.
Sandbox Brings K-Pop To The Metaverse
After forming an alliance last year to build the K-Pop Music metaverse and NFTs of K-Pop Stars, the two companies announced the formation of a joint venture branded “AniCube” Entertainment in February.
The most recent announcement will focus on the “detailed partnership for commercial expansion” in relation to the joint venture centered on NFTs and the metaverse.
“Cube is adopting the open Metaverse’s philosophy by expanding its presence in The Sandbox through its K-culture core,” stated Sebastien Borget, Chief Operating Officer and Fo-Founder of Cube.
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Borget describes the K-culture landscape as “actively curating local businesses and partners” of their principal K-Pop label and providing them with a presence in The Sandbox via their own lands.
The K-Pop p BTS has had considerable success in the virtual realm. It hosted a virtual concert, Bang Bang Con The Live, in 2020, which reportedly garnered 756,000 spectators worldwide. According to ELLE, the event produced a revenue of $20 million.
An Ambitious Roadmap
South Korean entertainment companies are making a concerted effort to embrace NFTs and the Sandbox metaverse. The country’s legislators face an arduous roadmap.
South Korea intends to invest approximately $187 million in the development of its metaverse ecosystem as part of its “Digital New Deal,” according to several reports.
Meanwhile, in terms of NFT, The Sandbox’s virtual real estate price was down 9% in the last week to 2.97 Ether (ETH), which is currently worth roughly $8,100.
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