Hybe, the Korean agency behind kpop super group BTS, announced their partnership with a Korean cryptocurrency exchange company Upbit to enter the non-fungible token (NFT) market.
The agency that runs the BTS group will buy a 2.
5% stake in Dunamu, the fintech blockchain startup managed by Upbit, for US $ 423.1 million. Similarly, Dunamu will acquire Hybe shares with a 5.6 percent stake.
Managers will create NFT photos that will be marketed on Hybe’s Weverse artist-fan communication app.
BTS’ NFTs will include moving images, artist voices, and more, Hybe CEO Si-Hyuk Bang and Dunamu President Chi-Hyung Song explained in a joint statement. Additionally, fans around the world will be able to exchange their digital photo cards in virtual spaces, Song said.
South Korea’s K-pop greats are preparing to hit the NFT business strong and expand their revenue potential by turning their existing IP into digital assets.