Photo Credit: KPop Channel

On January 28, KPop Herald reported that a rare online auction started on the same day to purchase the copyright of Wanna One’s hit track “Beautiful.” As of 5:00 p.m. yesterday, more than 2,800 bidders were joining the auction for 3,000 “pieces” of the copyright, with the bidding price soaring fast from 25,000 won ($22.39) to 150,000 won apiece.

What is Music Coin?
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During an interview with KPop Herald, Jung Hyung-kyung, CEO of Musicoin Investment, the auction platform operator said that the copyright pieces have become a new type of ‘fan goods’ for the idol admirers. She added that, “not only K-pop fans but also deep-pocketed investors are increasingly joining the bid to take advantage of the global K-pop sensation.”

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Jung Hyun-kyung, CEO of Musicoin Investment (Musicoin)

Established in 2017, Musicoin has been buying partial or full rights to artists’ work and then divides the copyright up, before putting the pieces up for auction. The platform allows users to purchase the ownership and the purchased pieces can be traded between users as well. The starting price is based on the price valued by Korea Music Copyright Association, the business lobby that manages Korean music industry copyrights.

Image result for g.o.d. sky blue promise
Photo Credit: YouTube

A total of 140 songs have been auctioned since 2017. The most profitable has been g.o.d’s “Sky Blue Promise” whose copyright value soared 1,444 percent since the auction, while the most expensive song was SHINee’s “Wish Upon A Star,” which sold at 255,000 won per piece, according to KPop Herald.

Image result for SHINee’s “Wish Upon A Star
Photo Credit: YouTube

 

“Idol songs usually start at higher prices due to fans competing fervently to get hold of the pieces. But actually it is steady-sellers, mostly ballad songs that gain more value over a long period of time, as they are more widely enjoyed.” Jung Hyung-kyung, CEO of Musicoin Investment.

 

You can read the full article here to know more about Musicoin.

 

Source: KPop Herald


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