It seems like NFTs are the biggest trend in tech these days. NFT (or Non-Fungible Token) are one-of-a-kind digital assets that provide certification of ownership of the asset a user is buying. NFTs use blockchain technology as a ledger to record their sale and ownership. NFT startups in Korea are looking to find ways to incorporate NFTs into established industries. The possibilities for NFTs are endless. Most think of the gaming or digital art/content industry, but it can also be applied to music, ticketing, and even real estate.
To be a successful NFT startup, the focus has to go on building the community. NFT incentives can be used to grow the community as well as bring on investors. Investors like investing in NFT startups because they can simply buy an NFT through these communities. This will also show investors the market demand and for the startups, they get access to early capital.
NFT startups in Korea sometimes get a bad reputation for not having a vision and moving too quickly. Therefore, all NFT startups need to understand that they will be judged differently compared to other startups. They will need to focus on a big problem and offer an innovative approach to solving it. NFTs offers a great opportunity for entrepreneurs to get started. Below are some innovative NFT startups in Korea getting a lot of attention from investors and the NFT community.
LABEL is one of the few NFT startups in Korea in the entertainment space. They are the operators of an NFT platform that promotes music as well as entertainment by offering customers a variety of easy-to-use investment instruments. It is a copyright fee-sharing platform that introduces an incubation system that supports investment. In addition, the platform offers equitable income sharing. It is built through the Ethereum Network and is powered by LBL governance and utility tokens. Their aim is for artists to no longer have to deal with intermediation charges and increase their overall income.
Their utility token is called SLBL and it is an Ethereum-based utility and governance token that can be used in a variety of ways. However, it is primarily used to build the basic token economy on the LABEL platform by serving as a payment, staking, and governance unit. In total, 3 billion LBL tokens will be distributed.
Mirny offers an NFT platform for the sale and auction of NFTs. It acts as an exchange that buys and sells non-fungible digital assets. On the platform, there are various digital assets such as game items, artworks, and metaverse products. All these digital assets can be accessed in a decentralized environment. It is the first Korean NFT marketplace to purchase famous overseas NFTs such as Cryptopunks and Board Yacht Club. In addition, it also supports transactions with overseas users by linking with OpenSea a global NFT exchange.
MODHAUS offers a fan entertainment platform using NFTs. The entire artist production process usually done by entertainment agencies can now be done by fans. This includes the training selection process to concept planning is co-created by fans. This allows the groups to not only have an instant fan base but they can also communicate and connect with fans from the start. Even the album cover will be co-created by fans through the platform. The aim is to launch the world’s first Kpop star or group that is made and operated by its fans.
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