NFT Global Signs MOU with Soribada for Development of Entertainment NFT Soba Platform

Blockchain-based entertainment NFT platform service provider NFT Global signed a strategic MOU for content supply and platform development with Soribada, a music streaming service provider.

Non-fungible token (NFT) refers to a new form of a digitalized unique token. Each token is stored on a smart contract with identification. The concept is similar to that of sports player cards that all come with serial numbers. While the actual cards are traded offline, the NFT cards, or unique digital cards that contain images or videos of popular content, are traded online.

For example, the NBA has begun selling professional basketball game highlight videos in NFTs, or NBA Top Shot. Top Shots of famous basketball players have been traded at tens of thousands of USD. NFT is one of the blockchain businesses viewed to have huge potential.

With the MOU with Soribada, NFT Global will develop the Soba Platform. The entertainment NFT platform will enable various digital content created by musicians to be issued as NFTs for sale, purchase, and rental. The platform shared the profit generated from the distribution of NFT with NFT holders and musicians. The platform will also act as a marketplace to enable effortless and transparent P2P transactions.

An NFT Global official said, “The Soba Platform will create an ecosystem in which music content is traded with transparency. The ecosystem also eliminates unnecessary intermediaries to give more royalty payment to the musicians. We look forward to collaborating with the entertainment content experts of Soribada to create new NFT projects that support artists.”