SM entertainment plans to launch own cryptocurrency via CT-AI Labs

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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.”
 

MiroshChaeray

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Like, why? 🤔 Fail to see the need for such a thing, but perhaps that's just me.
 

churrykiss

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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.”
Is this what they've been talking about with making an app to "chat" with SM artists on or is this some sort of bitcoin knockoff?
 

ec.li.ps.e

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I couldn't find a more recent article about this, but I did find this article here:


Which talks about how every cryptocurrency that isn't Bitcoin is likely to get removed from Korean trading apps if they don't register. So if this project HAS gone anywhere since 2019, it probably isn't going to last much longer.
 

Darcibats

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That is a great reason to attract new fans. Today the topic of cryptocurrency and everything connected with it is the most discussed in economics.
 

Darcibats

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With clever market manipulation and traffic distillation, it is possible to create your token, which will be very popular. If competent specialists work on it, they will assure the coin's success. Lately, I've been trading only such coins, which are not that widespread and have a low price. The same thing happens with stocks of companies. Stocks of small companies are much more profitable to buy than shares of large companies because you reduce the risk of losing money.
 
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GennyBon

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Blockchain's potential to bridge the physical and virtual world is fascinating, and it's great to see SM Entertainment embracing it. By forming a token economy, they're empowering artists and fans to collaborate and create high-quality content. It's a long-term endeavor, but they're taking the first step towards a new perspective. If you want to dive deeper into blockchain and cryptocurrency, check out earnforex.com for some valuable insights. Let's cheer for a future where music and technology blend seamlessly! 🎵💻
 
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