BTS enters NFT market in joint venture with Upbit

BTS enters NFT market

BTS enters NFT market in joint venture with Upbit

     Hybe, the South Korean agency behind K-pop megastars BTS, announced today that it plans to start a joint venture with Korean crypto exchange Upbit that will explore the non-fungible token business.

       Hybe invested $423.1 million valuing Dunamu at 2.5% stake, from this from this from u . p b i was created to tell the story of a blockchain-based fintech startup that runs cryptocurrency exchange Upbit, with increasing interest in digital asset trading. In addition, according to the regulatory filing, Dunamu will acquire newly issued Hybe shares – a 5.6% stake – for $592.4 million.

    The joint venture company will create NFT photocards that will be traded on Hybe’s global fan-to-artist communication app, Weverse, said CEO of Hybe, Si-Hyuk Bang, and Chairman of Dunamu, Chi-Hyung Song, in a joint statement during the company’s briefing on Thursday.

    Hybe’s BTS NFTs will include moving images, voices of artists and more, Bang explained. On top of that, global fans will be able to exchange their digital photo cards in virtual spaces, Song said.

    Hybe and its subsidiaries unveiled further plans to extend the BTS brand deeper into the digital sphere. In addition to the NFT JV, there will be a BTS video game, and a ‘webtoon’ business.

     Hybe is one of the most successful companies manufacturing pop bands at the moment and they are riding the wave. In the briefing, Lenzo Yoon, CEO of Hybe America, said that Hybe and Universal Music Group are preparing to unveil a global girl group debut, too. Separately, Hybe Japan will announce a boy band in Japan, Hyunrock Han, CEO of Hybe Japan, said.

South Korean K-pop giants are bracing for the arrival of NFTs to extend their revenue potential by turning their existing IP into digital assets.

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