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S M Entertainment, South Korea’s largest music agency has recently announced its plan to launch a new cryptocurrency that will connect Artists and Fans.
Analyst predicts sooner or later the largest giants will join the crypto revolutions, and indeed it’s happening. A few days ago, Philippine Boxing Champion Manny Pacquiao’s launched its own token, Pac. The so-called celebrity token is intended to connect Pacquiao with his fans effectively and efficiently. However, this time too, the latest plan of SM Entertainment seeks to connect Artists with their fans with the use of cryptocurrency.
S M Entertainment’s cryptocurrency will be launched with the support of its tech partner CT-AI Labs. The news was first confirmed by Sang-Sik Joo, the CEO of CT-AI Labs at developers’ conference of UpBit on Sept. 04. While the company restricted further details, it said that they are planning to utilize both, private as well as the public domain blockchain. As per the reports, the new token will more likely be known as SM token which will be primarily used as the efficient means of payment and settlement system to be entered and tracked on Blockchain.
“Blockchain from the entertainment standpoint is a decentralized entertainment entity,”
While the company elaborates the launch of new digital currency is focused on encouraging the interaction between fans and artists, rumors state that the shares of the company are experiencing a steep decline. This has led the company in negative circumstances for quite some time now. With the launch of the new crypto token, fans and investors are likely reconsidering the company’s share and excited to look at what it might bring for them with the introduction of new digital currency.
Further details on how and when will the company aims to finally kick-off the new cryptocurrency remains unclear. It’s worth noting that the news of new virtual currency’s launch by SM entertainment have quietly excited the whole crypto community.