NEW, ArenaCast Signs MOU for NFT Development and Distribution

Photo by NEW

[Asia Economy Reporter Lee Isul] Media group NEW announced on the 26th that it has signed a business agreement with ArenaCast for an NFT (Non-Fungible Token) issuance project based on content and the development and operation of a marketplace.

NEW (Next Entertainment World, Chairman Kim Woo-taek) and ArenaCast (CEO Kim Young-hoon) signed an MOU (Memorandum of Understanding) on the 25th at NEW's headquarters in Nonhyeon-dong, Gangnam-gu, Seoul, to discover new businesses that can create strategic synergy beyond project units as the NFT industry ecosystem expands.

The two companies agreed to collaborate on developing NEW's content library into NFTs, a new value storage medium, and activating a marketplace that can distribute these domestically and internationally.

Additionally, they plan to cooperate on businesses that can integrate the P2E (Play to Earn) model across the entire entertainment media sector. P2E is a concept where users purchase and exchange collected digital assets, and ArenaCast intends to link its GDC (Global Digital Content) tokens and NFTs within the marketplace to encourage users' interactive participation.

NEW, which owns hundreds of IPs, is expected to expand the content lifecycle and extend the added value of IP from the real world to the metaverse environment.

Kim Jae-min, head of NEW's film business division, said, "We will strengthen competitiveness within new industrial ecosystems such as the metaverse by linking NEW's vast and diverse content library with ArenaCast's technological capabilities."

Kim Young-hoon, CEO of ArenaCast, stated, "Based on NEW's attractive content IP, which combines both popularity and artistic value, we will provide NFT content and metaverse service platforms so that users worldwide can enjoy NEW's content."

This content was produced with the assistance of AI translation services.