The lockdown and social distancing restrictions caused by the coronavirus can affect people’s entertainment, such as singing. In South Korea, this kind of activity is so popular that despite the COVID-19 outbreak, the cryptocurrency industry is still trying to take advantage of this activity.
Somesing: Karaoke application based on blockchain
Per Fn News reported that the blockchain-based karaoke application Somesing has reached the milestone of 400,000 users. Considering that the user base has doubled (195,000) in the last six months, this number is very important.
The karaoke hobby is as normal in some Asian countries, and the coronavirus pandemic has hit the sector severely.
In fact, according to data released by local media, since the outbreak, at least 2,137 “noraebang” companies have had to shut down throughout South Korea. According to the Shopping Center Information Institute, this figure is the lowest level on record.
“Noraebang” is Korean, which refers to private singing rooms, and is translated into the language of karaoke venues in Western countries. Koreans are accustomed to walking with friends and even colleagues after singing in Noraebang.
Somesing’s platform allows people to sing their favorite music and upload it to the app. In addition, the app will reward active users with tokens from other users or friends based on their activity.
However, the company behind the blockchain application stated that half of the coins will fund the platform, such as paying for maintenance costs and copyright fees. Somesing’s popularity is rising all over Korea because it has been broadcast on major TV channels.
Korean entertainment industry relies on tokenized solutions
Other entertainment industries have also been struggling. Nevertheless, tokenization has always provided an alternative method during these periods.
Fn News highlighted a travel-based blockchain platform that has doubled its user base in the past three months.
Milk relies on tokens that can be used to obtain books, which people can exchange for vouchers in e-commerce stores such as Shinsaegae.
In the film industry, Moviebloc is another blockchain-based service that can provide Korean filmmakers with an alternative to show their work. Users of the platform can earn tokens by writing reviews and reviewing movies, and these tokens can be exchanged at domestic cryptocurrency exchanges.
What do you think of Korean karaoke tokenization ideas? Let us know in the comments section below.
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