Networks, film distributors enter NFT market – 코리아타임스 | NFTRADIUS

A poster, left, and pictures of generative NFT artwork for the action movie, 'Special Cargo' / Courtesy of NEW
A poster, left, and pictures of generative NFT artwork for the action movie, “Special Cargo” / Courtesy of NEW

By Lee Gyu-lee

TV networks and film companies are dipping their feet into the non-fungible token (NFT) market, offering blockchain-based digital assets of their content.

A poster, left, and pictures of generative NFT artwork for the action movie, 'Special Cargo' / Courtesy of NEW
Broadcaster MBC is holding NFT exhibitions of its hit variety show, “Infinite Challenge.” Courtesy of MBC

Broadcaster MBC signed a memorandum of understanding with a local digital entertainment company, Sandbox Network, on April 12 to join hands to expand their NFT and metaverse businesses.

The broadcaster said that it will work with the entertainment company to develop a new business model using blockchain technology for audiences around the world to enjoy MBC’s original content.

“This year, using MBC’s high-quality content and Sandbox Network’s technology, we will be presenting a new global business model that combines the metaverse and NFTs,” said Park Jae-hoon, the head of the business strategy division at MBC.

MBC is one of the first broadcasters to enter the NFT market, presenting NFT versions of some of the popular clips from its shows that went viral online last year. It has rolled out about 22 NFTs digitalizing its content, such as the opening sequence of its hit series and shows, and the first news episode ever broadcast in color.

This month, the broadcaster is holding two exhibitions that display NFT collections of its hit variety show, “Infinite Challenge,” joining hands with local NFT platform ARTTOKEN.

For the two-part exhibitions, which are held from April 13 to 28 and May 12 to 29, two artists ― LAYLAY and Seong Tae-jin ― were invited for each part to present collections under the theme of memorable MBC episodes. The exhibition will include paintings of the cast members, as well as memes and scenes from the episodes.

Local network MBN also has signed a deal with NFT-based art platform Treasures Club to enter the NFT-related business using its content.

The network is planning to produce klaytn blockchain-based NFT works and launch them on OpenSea, a leading marketplace for NFTs, in the first half of this year.

“MBN is set to roll out unique NFTs using our intellectual property, variety of content and stories. We will vigorously make use of our strong suit, especially with golf and education-related content,” the network said in a release.

The movie industry has been making its way into the relatively new market.

Film distributor NEW launched generative NFT art for its action movie “Special Cargo.” Generative art refers to art created through a digital, autonomous system using computer coding.

The pop-art-style digital paintings of the film’s characters sold out its stock of 1,000 during the presale period in just one second last December. Since the official opening of sales earlier this year, about 3,000 more were sold, grossing about 210 million won ($170,000).

Another local film production and distribution company, Blue Film Works, has been making attempts to produce NFTs using its films. Last June, it segmented a 90-minute-long documentary movie, “They Kill My Mother,” into 15 NFTs to sell.

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