An established player in Metaverse, The Sandbox, is betting big on the technology and is all set to expand business in the metaverse with Cube Entertainment.
The partnership aims to promote K-culture content globally through the operation of a virtual space and the development of digital assets.
The Sandbox-Cube Partnership
According to the official blog post, the joint initiative will concentrate on the “detailed collaboration for business expansion” with respect to the metaverse and NFTs. It began with the establishment of a recently unveiled joint venture called – AniCube – between Animoca Brands and Cube Entertainment.
With the latest partnership, the two entities also plan to integrate various businesses into their roster and hold events to introduce Korean culture to the metaverse, not limiting it to just K-POP with new business alliances.
Initially, Cube, with its LAND token holdings, will create a K-Culture complex cultural space, thereby allowing users to experience the Korean lifestyle in a virtual area powered by blockchain technology.
Technical support for the spatial projection will be provided by The Sandbox, while the Cube is responsible for preparing unique K-Culture related content by forging partnerships with several national companies. In a bid to promote the space, artists affiliated with the entertainment company are also expected to join.
Sebastien BORGET, COO and Co-Founder commented:
“Cube is really embracing the spirit of the open metaverse by taking it a step further in The Sandbox via its K culture hub, where it actively organizes local brands and partners of their main label K-POP and offers them a presence in The Sandbox. Sandbox via own land”.
The exec believes Cube will play a leading role in expanding Korean culture worldwide in the metaverse. Pitching it as the key of the fourth industrial revolution, BORGET said that the K-POP wave, as well as the K-Culture itself, will have a powerful influence in every sector.
Fifth largest metaverse market in the world
The South Korean entertainment industry is pushing hard to embrace NFTs and the metaverse. The country’s lawmakers have an ambitious roadmap ahead of them. As reported by CryptoPotatoSouth Korea plans to spend around $187 million to develop its metaverse ecosystem as part of its “Digital New Deal”.
South Korea’s Ministry of Science and Information and Communications Technology revealed that it plans to take its capital – Seoul – in particular, towards the metaverse to foster the development of industries and businesses. The government wants to build the fifth-largest metaverse market in the world by 2026.
