Lotte Cultureworks (CEO: Choi Byung Hwan) and Dexter Studios (CEO: Kim Wook, Kang Jong-ik) signed an MOU for a strategic partnership on NFT production and distribution using content and intellectual property (IP) on March 4 (Fri).
ⓒLotte Cultureworks
With this new agreement in place, the two companies plan to work together on producing and distributing digital assets and NFTs going forward. Lotte Cultureworks will contribute its owned content library to the partnership, with Dexter Studios taking care of the production and distribution of NFTs. Together, Lotte Cultureworks and Dexter Studios plan on expanding the life cycle of content IP, and helping stimulate the market for digital movie assets and NFTs in Korea, which remains in its infancy, by introducing digital assets and NFTs in various forms to movie fans.
Lotte Entertainment, which is in charge of the content business done by Lotte Cultureworks, is a leading investor and distributor of films in Korea. Lotte Entertainment owns a vast portfolio of intellectual property rights, including the “Along with the Gods” series, “Escape from Mogadishu,” and “The Pirates” series, thanks to a diverse range of investments in different genres.
Meanwhile, Dexter Studios is an all-in-one comprehensive content producer capable of planning, shooting, producing, and editing (post-production) content using its “one-stop system.” To date, it has worked on a number of box office sensations, such as the Along with the Gods series, “Ashfall,” and “Escape from Mogadishu.” The company is also working on new business areas using the Metaverse concept, which includes virtual production and immersive content.
The MOU signing ceremony was hosted on Dexter Studios’ Metaverse platform. Hosting the event in a Metaverse environment signaled the commitment of the two companies to spearhead growth in the content business by reinventing conventional productions as assets that can offer value beyond the simple watching and consuming of video content in today’s rapidly changing digital content market.
Lotte Cultureworks CEO Choi Byung Hwan said, “With NFTs making their way into various films and industries around the world, our company has been paying attention to the NTF business as a future growth engine that could create significant value.” He added, “By collaborating with Dexter Studios, the leading VFX company in Korea, we expect to offer a whole new kind of productions that feel completely different from existing movie NFT content.”
Dexter Studios CEOs Kim Wook and Kang Jong-ik said, “We are happy to work with Lotte Cultureworks in identifying new growth engines using NFTs. If we add Dexter Studios’ research and technology to Lotte Cultureworks’ robust IP, we are confident we can plan and produce higher quality NFTs.” Kim and Kang added, “We hope that this partnership will serve as another opportunity to boost our usage of IP and create new revenue streams.”
