BTS enters NFT market in three way partnership with Upbit – TechCrunch

Hybe, the South Korean company behind Ok-pop megastars BTS, introduced as we speak that it plans to arrange a three way partnership with Korean crypto alternate Upbit to enter to non-fungible token (NFT) enterprise.

Hybe will purchase a 2.5% stake in Dunamu, a blockchain-based fintech startup that runs cryptocurrency alternate Upbit, for $423.1 million (500 billion gained). On the identical time, Dunamu will purchase newly issued Hybe shares, a 5.6% stake, in a Seoul-headquartered music company for $592.4 million, in response to the regulatory submitting.  

The three way partnership firm will create NFT photocards that can be traded on Hybe’s international fan-to-artist communication app, Weverse, mentioned CEO of Hybe, Si-Hyuk Bang, and Chairman of Dunamu, Chi-Hyung Track, in a joint assertion through the firm’s briefing on Thursday. 

Hybe’s BTS NFTs will embody shifting pictures, voices of artists and extra, Bang defined. On high of that, international followers will be capable of alternate their digital photograph playing cards in digital areas, Track mentioned.

Hybe and its subsidiaries unveiled additional plans to increase the BTS model deeper into the digital sphere. Along with the NFT JV, there can be a BTS online game, and a ‘webtoon’ enterprise. 

Hybe is without doubt one of the most profitable firms manufacturing pop bands in the meanwhile and they’re driving the wave. Within the briefing, Lenzo Yoon, CEO of Hybe America, mentioned that Hybe and Common Music Group are making ready to unveil a worldwide woman group debut, too. Individually, Hybe Japan will announce a boy band in Japan, Hyunrock Han, CEO of Hybe Japan, mentioned.

South Korean Ok-pop giants are bracing for the arrival of NFTs to increase their income potential by turning their current IP into digital property.  

South Korea’s 4 largest leisure firms, Hybe, JYP, SM, and YG, have been competing to faucet into the brand new tech. JYP Leisure partnered with Dunamu to arrange a Ok-pop-based NFT platform in July, whereas SM introduced its launch to construct a cryptocurrency and blockchain platform in 2019.