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Cryptocurrency in K-pop? Apparently so.
SM Entertainment has announced the agency's decision to build its own blockchain network with native cryptocurrency at the Upbit Developer Conference held in Incheon on September 4th. The director of SM's CT-AI Labs Joo Sang-sik stated that the network would allow fans to invest in their favorite artists through cryptocurrencies.
According to Coindesk:
"Joo Sang-sik, director of the company’s technology arm, CT-AI Labs, made the announcement at the Upbit Developer Conference in Incheon on Sept. 4, according to a report from local media outlet IT Chosun.
Joo said the company is aiming to develop a blockchain network that would allow fans to be more engaged with the entertainment ecosystem by investing in artists’ work through cryptocurrencies.
The director provided few specifics about the technology, but said the firm aims to make use of the concepts of both public and private blockchains and is currently talking to potential partners to build the network.
The entertainment business as it stands utilizes inefficient settlement and payment systems – issues that blockchain could help address, Joo said."
It seems like SM is making this decision in the face of dropping stock prices and management changes that have left stockholders concerned. Cryptocurrency is a growing subject of interest in today's society and it seems like SM is takin major steps to incorporate it into its business.
SM Entertainment is planning its own cryptocurrency
Cryptocurrency in K-pop? Apparently so.SM Entertainment has announced the agency's decision to build its own blockchain network w…
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I feel like SM Entertainment is ALWAYS planning something and I wonder how successful these projects usually end up being. What exactly is their success rate at this point (not including their idols, of course).
Sweetheart
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i don't understand what that is but they can rot now that they left f(x)
Cryptocurrency? Like bitcoin, money that exists as codes only
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SM is following the footsteps of Z-POP. They are doing it too.
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They outlaw Bitcoin but this is ok, lmao Korea
Seeing as they have so many other stuff going on other than the music industry, I'm not surprised. I don't think it'll actually be successful though, ngl
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This is smart fans will buy sm will earn a lot each cb the price goes up maybe this idea is nice
Wow Zpop are such trendsetters
Sweetheart
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OH thanks for the info
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I hope they flop. SM deserves shit
Can't they just focus on their new girl group and current groups to save them from irrelevancy?
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Invest in your faves? LMAO How about you agency guys invest in the groups, and we respond to your choice of music, concept, etc. by buying the CDs and merch if we think you're doing a good job? Like how most agencies and music labels do business... 
Why would I invest in cryptocurrencies, and subject my investment to random speculation by kpop fans, most of whom are probably still in school and not working? Let's not get started with how insecure some of these crypto exchanges are, and that stolen cryptos helped fund NKorea's recent nuclear missile tests and weapons development. I can understand blockchains to track payments or transactions, but cryptos? This is Holland's tulips all over again.
This cryptocurrency thing just feels like a money-making scam to line the pockets of people like LSM while taking the advantage of the global interest in kpop - it's all about the money, certainly not about the music or the idols.It really does feel like SM has lost the plot, but at least it will make it easier for LSM and gang to hide their millions.
If JYPE follows suit, I'm walking away from Kpop.
Why would I invest in cryptocurrencies, and subject my investment to random speculation by kpop fans, most of whom are probably still in school and not working? Let's not get started with how insecure some of these crypto exchanges are, and that stolen cryptos helped fund NKorea's recent nuclear missile tests and weapons development. I can understand blockchains to track payments or transactions, but cryptos? This is Holland's tulips all over again.
This cryptocurrency thing just feels like a money-making scam to line the pockets of people like LSM while taking the advantage of the global interest in kpop - it's all about the money, certainly not about the music or the idols.It really does feel like SM has lost the plot, but at least it will make it easier for LSM and gang to hide their millions.
If JYPE follows suit, I'm walking away from Kpop.
I still waiting for my girls to get the fuck out of SM, just 1 more year.
That is a gold mine for SM and for all those people with huge farms, kpop will finally be worth the investment.
fullofjoy
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SM...
lolno
Lurkersm always plans things and then half asses the plans so they never really go anywhere. i don’t expect this to be a success giving their track record.
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How about promoting their groups before they pull this.... 
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Didn't Dreamcatcher also have this?
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Dreamcatcher has this and their fans hate it. Kpop crypto is a giant scam, and no doubt they're going to make coin leaderboards and other ways of incentivizing fans to compete over who has the most so they can show who is most #dedicated to their groups. This crypto shit in kpop is a cancer waiting to spread.
Get ready for people on Twitter arguing and a comment looking something like this "sis you dont even have 10k velvetCoins, you aren't a #true fan so sit back down "
Get ready for people on Twitter arguing and a comment looking something like this "sis you dont even have 10k velvetCoins, you aren't a #true fan so sit back down "