K-POP Company owners are joining the train hype of Cryptocurrency

[DaftAjax]

SM Entertainment, one of the top entertainment company in Sout Korea is planning on making its own blockchain network.

Due to the shareholder revolt and a falling stock price of the company they wanted to create this, in order for the Artists and the company itself be able to directly interact with the fans and be more engaged in the entertainment ecosystem.

What are your thoughts? Do you think this will have a "major" impact?

For more info, refer to these articles: Korea’s Biggest Entertainment Company to Launch Its Own Cryptocurrency and K-Pop Music Giant SM Entertainment Is Planning Its Own Cryptocurrency

[bitsurfer2014]

Well it seems this is an example of a good use case in the entertainment industry and once successfully implemented and steered in the right way, it could pave the way to more crypto exposure and adoption among South Koreans since they are well known to be enthusiastic and die hard followers in the entertainment industry thus the explosion of K-Pop generation.

[Baby Dragon]

Well it seems this is an example of a good use case in the entertainment industry and once successfully implemented and steered in the right way, it could pave the way to more crypto exposure and adoption among South Koreans since they are well known to be enthusiastic and die hard followers in the entertainment industry thus the explosion of K-Pop generation.

Indeed, it can have a huge positive impact because there are a lot of K POP fans nowadays who wanted to interact with their idols. Of course they will see it as a great opportunity and they will surely be interested about it. Actually i'm also a fan of a Korean idol and its certainly a nice idea because we can easily interconnect with our favorite icon or celebrity. Some of them will be interested about cryptocurrency but who knows right? its possible but we can't easily say it because we can't predict what will happen in the future.

[coiningz]

Crypto from sports or other celebrities is really bullshit

[avikz]

Firstly, cryptocurrency or blockchain is not a magic wand which will make everything right upon implementation. Implementation of blockchain will not make the falling share price recoverable! Especially in a sector like media or celebrity management!

Secondly, a lot of people don't understand the utility of a cryptocurrency! Why the hell people would need a separate crypto to make flight ticket booking and another crypto for movie ticket booking??

What is celebrity engagement btw? What's the need of a cryptocurrency here?

Frankly, I don't see any business potential here in the entire proposal!

[Ryker1]

[snip]
What is celebrity engagement btw? What's the need of a cryptocurrency here?

Frankly, I don't see any business potential here in the entire proposal!

Well, I guess that is a big exposure to bitcoin but we don't know if there will be a massive adoption on it. Just like the professional boxer Manny Pacquiao now has his own cryptocurrency token and he named it PACtoken. No doubt that this K-pop group will bring also to bitcoin become well known because they had a thousands of fans out there that might adopt also crypto. As I can see the business potential here is about planning again to have their own cryptocurrency like other celebrities do.

[hatshepsut93]

Lol they are 2 years too late, blockchain hype is on life support today, it's nothing like it was in 2017. It's obviously just an attempt to boost their image in investor's eyes. The end users - their fans, don't care about blockchain, don't know about blockchain, and won't feel any difference even if we imagine that they successfully implemented a blockchain. But this whole idea doesn't even make sense, why would anyone need a decentralized database protocol for engaging with their audience?

[sunsilk]

Planning to launch their own crypto? they should do more research on what happened mostly to those kind of coins. They are prone to pump and dump and I think this is going to be centralized.

Can't question the wide range of the K-Pop industry, sure there will be a lot of fans willing to follow their idols if they will start advertising their token through their talents.

[dunfida]

Firstly, cryptocurrency or blockchain is not a magic wand which will make everything right upon implementation. Implementation of blockchain will not make the falling share price recoverable! Especially in a sector like media or celebrity management!

+1 to this!

Its really a wrong mindset for those people who do consider out this blockchain adoption for their own recovery and as said
not all things would go as planned or what they do expect for knowing that there are already lots of projects on different sectors
trying out to create their own token-based one but mostly of them do fail off.We wouldnt know if this would be hit but surely
this would be embraced by majority of those k-pop lovers nothingless.

[vintages]

It will cause a major impact and will certainly expose cryptocurrency particularly Bitcoin to more adopters as the K-POP are known to draw more crowd.
If this ever happens, their major influencers will be kids and growing teenagers who loves to imitate these singers in whatever they do.
Another point it, will this young users bother to know more about Bitcoin or crypto or will they just know it as 'one of the things K-POP stars owns or invest in'.

[TimeTeller]

Well it seems this is an example of a good use case in the entertainment industry and once successfully implemented and steered in the right way, it could pave the way to more crypto exposure and adoption among South Koreans since they are well known to be enthusiastic and die hard followers in the entertainment industry thus the explosion of K-Pop generation.

K-Pop fans are everywhere and as many have said, they have large following already.
This is a good way to introduce crypto to younger generation as well.
As they can easily adopt to this kind of technology, it will help in the crypto adoption that we are aiming for.
I hope they have long-term plans for this kind of initiatives and not just because they want to join the bandwagon.

[FlightyPouch]

As far as I know, this is also the reason why Manny Pacquiao's coin is made. I don't know exactly but I think they are the same. Impact? I agree that they are years late and I don't see any great impact of it jn the near future. Though in our country, there are a lot of mainstream fans of this KPOP and in a way, I think it might have an impact to those fans and not as a majority.

[bitsurfer2014]

Well it seems this is an example of a good use case in the entertainment industry and once successfully implemented and steered in the right way, it could pave the way to more crypto exposure and adoption among South Koreans since they are well known to be enthusiastic and die hard followers in the entertainment industry thus the explosion of K-Pop generation.

K-Pop fans are everywhere and as many have said, they have large following already.
This is a good way to introduce crypto to younger generation as well.
As they can easily adopt to this kind of technology, it will help in the crypto adoption that we are aiming for.
I hope they have long-term plans for this kind of initiatives and not just because they want to join the bandwagon.

Maybe that company had realized the immense benefits of blockchain technology and decided to integrate it with their business model as I thnk this strategic decision usually comes from broadminded executives who had the guts to adopt emerging technologies as they see fit to benefit their company in the long run.

Lol they are 2 years too late, blockchain hype is on life support today, it's nothing like it was in 2017.

Integrating blockchain technology in ones business is never too late where in fact this revolution is just getting started! The bull run of 2017 is mostly about crypto prices getting ATH's and speculation but I honestly think it didn't reflect the actual scenario of blockchain adoption. Though I understand this is just a baby step on blockchain adoption, I consider it to be a good news in relation to achieving mainstream adoption on blockchain technology. Imho.

[hatshepsut93]

Integrating blockchain technology in ones business is never too late where in fact this revolution is just getting started! The bull run of 2017 is mostly about crypto prices getting ATH's and speculation but I honestly think it didn't reflect the actual scenario of blockchain adoption. Though I understand this is just a baby step on blockchain adoption, I consider it to be a good news in relation to achieving mainstream adoption on blockchain technology. Imho.

It's not a step towards mainstream adoption, because there most likely will be no working product, or no one will use it when it will get released. So many companies have already claimed that they will launch their own cryptocurrency or blockchain, and then absolutely nothing happened, because it all was just a PR stunt, or the project just couldn't leave the development phase. This is because blockchain is actually not a fundamental technology that works everywhere, but instead the opposite - a very narrow technology that so far only works in one field - money, specifically cryptocurrency.

[juperos]

This is definitely one of their bad decisions if they are not one of the sharks that can manipulate the market!
As I know, SM entertainment's stock has dropped by more than 43% compared to November last year and they decided to enter the crypto market to revive?
This will have the opposite effect if the business finance manager is not good and for the token to be sold widely in the market, businesses will have to pay the price because the manipulation here is huge!

[DaftAjax]

As I am reading the replies above this post, I am seeing mixed opinions about whether this will actually make recognition about blockchain overall or just the fans will meddle into it just because they wanted to help the Artists/Company.

My take on this is 50/50.

Think about this, a(n) artist(s) will go to a concert tour, so the stadiums and arenas will presumably be sold out. Before going to the tour the company will set an online bid or an online ticket purchase using their own Cryptocurrency(but can use Bitcoin or other "major" crypto) to buy tickets/souvenirs and stuff. Not only they'll help the Artists/Company, but also the arena/stadium owners will get exposed to this kind of transactions. So owners of this might accept more Cryptos in the future rather than fiats. And also, think about the songs they make that also can be bought by cryptos, I think that's enough exposure.

Now to the other half. Since we all know that cryptocurrencies are volatile, all of these might fail horribly and could lead to lots of losses rather than gains and exposure to people's familiarity towards cryptocurrencies and the blockchain itself.

[joromz1226]

SM Entertainment, one of the top entertainment company in Sout Korea is planning on making its own blockchain network.

Due to the shareholder revolt and a falling stock price of the company they wanted to create this, in order for the Artists and the company itself be able to directly interact with the fans and be more engaged in the entertainment ecosystem.

What are your thoughts? Do you think this will have a "major" impact?

For more info, refer to these articles: Korea’s Biggest Entertainment Company to Launch Its Own Cryptocurrency and K-Pop Music Giant SM Entertainment Is Planning Its Own Cryptocurrency

This is the first time I heard were one of the K-pop celebrities are planning on making its own blockchain network.
As long as they know what they are entering, that would probably a great news. And it is also a big chance and have a major
impact, due to they will the power of influence to their k-pop fans to support it. But it can also be wreck in one wrong move.

[MonsterV]

I myself support SM Entertainment's plan to create its own blockchain network. So far, K-Pop has a many fans all over world, in fact, I think it's almost like western music. In my own country K-pop fans are very many, especially women, this also has a positive impact on bitcoin where fans will begin to be educated with blockchain later.

[TravelMug]

Just a marketing ploy for the company to join and get their hands dirty on this whole crypto verse.

Of course, South Koreans love their K-pop and their crypto so why not merge it all together.

Again, I don't see it having a huge impact, on the other hand, companies entering the scene just have one thing in mind, take advantage, join the bandwagon and make more money, easy peasy.

[Baofeng]

Well it seems this is an example of a good use case in the entertainment industry and once successfully implemented and steered in the right way, it could pave the way to more crypto exposure and adoption among South Koreans since they are well known to be enthusiastic and die hard followers in the entertainment industry thus the explosion of K-Pop generation.

It could be a good use case but it's just one industry, K-Pop. I think they don't need exposure, since South Korea together with Japan leads the way on the adoption of crypto in Asia.

Just a marketing ploy for the company to join and get their hands dirty on this whole crypto verse.

This is probably the main reason, just imagine if they are going to pursue things like buying tickets with crypto, it's going to be huge, but let's see how it goes though, too early to say at this point. But good marketing strategy on their part.