Truth Behind MAMAMOO's Affiliation With Cryptocurrency Platform XENO Exposed; RBW Responds

Reports of K-Pop girl group MAMAMOO issuing non-fungible tokens (NFT) on the Hong Kong stock exchange Xeno are doing the rounds on social media. Following news reports, MAMAMOO's agency RBW (Rainbow Bridge World) has issued a clarification regarding purchase of digital products related to the band using blockchain technology.

The reports had claimed that tokens will give K-Pop fans and other investors the right to real ownership of digital products related to RBW artistes. CoinDesk had published an interview with the Xeno team and had announced that RBW has granted the NFT exchange the exclusive rights to coin and list their NFT-based digital products.

MAMAMOO K-Pop girl group. Twitter

RBW Statement on MAMAMOO-Xeno Affiliation

Reacting to the same, RBW stated that this was false news. "RBW would like to deliver our official statement regarding MAMAMOO's affiliation with a certain platform, which was reported earlier on this day. The news that RBW artists will be affiliated with the cryptocurrency platform Xeno is false information," the agency stated.

Further it asked the news publications to take down this false information. The agency will be taking strict legal action if the information is not taken down, warned RBW. "We continue to stress that RBW is not affiliated with this platform whatsoever. We hope that fans will take note of this position and clarify all misunderstandings," RBW stated. It also said that the agency will try its best to protect its artists through constant monitoring of online portal.

An earlier report in CoinDesk claimed quoting Jae Woong Wang, CEO of RBW Japan, that fanbases get digital merchandise for their favorite artists, and artists and content creators get new and exciting products to sell to their fans.

False Information

"Digital event tickets, membership tokens and even rights to digital content can be captured and stored in NFTs. The trend of digital trade is growing and RBW wants to stay up to date on these trends and at the same time, if possible, open new markets," Jae Woong Wang had said.

CoinDesk's report had also stated that the exact time of NFT launch was not been announced yet. According to Xeno, the underlying digital products were supposed to include 3D model renderings of fans' favorite K-Pop idols, event tickets for virtual concerts and membership tokens to help artists engage their fanbases. The report also stated that Xeno had launched its NFT marketplace in December. It is said to be currently operating in Hong Kong, Japan and South Korea.

Verdict: As per RBW's statement MAMAMOO is not involved in any business with cryptocurrency platform Xeno. The report published by CoinDesk is false. Below is the tweet by RBW stating that MAMAMOO has no affiliation to Xeno.

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