Get ready for an SM Entertainment cryptocurrency
[UDC 2019]SM Entertainment is preparing to launch its own cryptocurrency, according to Joo Sang-sik, director of CT-AI Labs at the company. After presenting on the topic of “Fusion of blockchain and culture under the fourth industrial revolution,” Joo said the company “is currently preparing a project.” Controversy has arisen in recent days as some people investors by claiming that their coin projects are related to SM Entertainment Founder Lee Soo-man. “Already tried a blockchain service” CT-AI Labs’ purpose is to create a blockchain economy system based on fourth industrial revolution technologies like artificial intelligence and virtual reality. In the long-term, the lab seeks to create a “decentralized entertainment object” and restructure the entertainment industry structure. SM Entertainment had already tried to convert the music industry by launching Bitfury Surround and was working to create a fan-centered blockchain project through snowDAQ. “The purpose is to expand blockchain technology to various industries” Joo believes it is important for industries to be in sync in terms culture, rather than actually joining together. The CT-AI Labs director said he seeks to create a blockchain service that provides a connection between fans and artists on top of offering music. Ultimately, Joo wants to infuse blockchain, not only into the entertainment industry, but also to other industries like commerce. “SM token is actually being prepared” During a Q&A session, question came whether SM Entertainment is actually working to launch its own token, Joo said that while the company working on launching one, no further details can be revealed just yet. He mentioned that his lab is working to launch a “Contents as a Service” platform based on blockchain technology and the entertainment company’s digital library.