Randi Zuckerberg, former CMO of Facebook, is working on a non-fungible token (NFT) platform in Korea that involves a partnership between isMedia, a Kosdaq-listed technology firm specializing in 3D digital imaging and Hyundai Asset Management.
Zuckerberg is a non-executive director and special advisor to isMedia and is CEO of Zuckerberg Media. Zuckerberg and the firms have created a special purpose vehicle, Assemble Stream, reportedly with $250 million funding, which will invest in this project and others. The aim is to partner with entertainment companies.
Recognizing a wide gap in the NFT market for Korean pop (K-pop) content, Zuckerberg will oversee the construction of an integrated NFT blockchain ecosystem. The NFT platform will be geared specifically toward Korean content (K-content), allowing fans to own digital originals of star photos or videos. Apart from NFTs and blockchain, other technologies that are planned include a metaverse, augmented reality and virtual reality. The combination lends itself to virtual pop concerts.
“K-content is one of the most valuable types of music and entertainment that is out there, and [Korea’s] interest in technology is also very high,” said Zuckerberg in an interview with Korea JoongAng Daily.
Platform development is underway, with Zuckerberg forecasting a release of 3,000 K-content related products on the metaverse platform by this fall, reports Newsdirectory3.
NFTs are tradeable digital assets that exist on a blockchain and provide proof of digital-asset ownership.
Meanwhile, last month Korean blockchain platform Klaytn launched an easy-to-use solution to create NFTs, KrafterSpace. And in sports, Korea’s top soccer league K-League inked a deal with Blueberry NFTs. It already has a partnership with Sorare, the NFT and fantasy football platform.