South Korean music firm SM Entertainment has reportedly partnered with technology firm CT-AI Labs to develop a blockchain platform to serve as a “bridgehead between the virtual world and the real world,” ITChosun reports. CT-AI Lab CEO Joo Sang Sik announced the plans during the UPBIT Developer Conference.
He suggested that the two companies want to create a blockchain ecosystem that would link creative and authoring activities across the music industry. By creating a cryptocurrency token economy for the industry, the companies hope to enable fans to more easily contribute to their favorite artists, who can then be empowered to create more content.
The plan could also provide opportunities to reward those fans “according to their contribution.” Ultimately, the proposed platform could facilitate more direct communication and economic transaction between the artists who produce music and the fans who consume it.
Joo provided few details about the project but did confirm that the companies are in talks with partners who are expected to build the new platform.
