SM Entertainment has shared plans to develop their own platform with aims for it to become a win-win model for both the agency’s artists and their fans via the development of new technologies such as artificial intelligence and blockchain. SM entertainment has being working exclusively with the company called, CT-AI Labs.
CT-AI Labs CEO Joo Sang Shik announced the plans at the 2019 Upbit Developers Conference that took place on September 4.
He has stated that he could not reveal the specifics but shared that the company is currently in discussion with sub-contractors that will help build the network and added that it will utilise concepts of both public and private blockchains in terms of development.
He further expressed SM Entertainment’s belief that blockchain can become a bridge between the physical and virtual world, saying, “From an entertainment standpoint, blockchain is a decentralized entertainment entity. We will work to foster a virtuous cycle of tangible and intangible assets through the industry.”
SM Entertainment hopes to form a token economy using cryptocurrency which allows artists to create a more quality content through fans contributions, with them also being rewarded based on the contributions.
Joo Sang Shik emphasized that the blockchain venture is not something that will be created in a short amount of time. However, he has stated, “We are revealing the plans as the first step in a phased approach. We must continue on without stopping so that we can view blockchain and cryptocurrency with a new perspective.”
CT-AI Labs CEO Joo Sang Shik announced the plans at the 2019 Upbit Developers Conference that took place on September 4.
He has stated that he could not reveal the specifics but shared that the company is currently in discussion with sub-contractors that will help build the network and added that it will utilise concepts of both public and private blockchains in terms of development.
He further expressed SM Entertainment’s belief that blockchain can become a bridge between the physical and virtual world, saying, “From an entertainment standpoint, blockchain is a decentralized entertainment entity. We will work to foster a virtuous cycle of tangible and intangible assets through the industry.”
SM Entertainment hopes to form a token economy using cryptocurrency which allows artists to create a more quality content through fans contributions, with them also being rewarded based on the contributions.
Joo Sang Shik emphasized that the blockchain venture is not something that will be created in a short amount of time. However, he has stated, “We are revealing the plans as the first step in a phased approach. We must continue on without stopping so that we can view blockchain and cryptocurrency with a new perspective.”