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

Hybe, the South Korean company behind Okay-pop megastar BTS, announced at this time that it plans to arrange a three way partnership with Korean crypto change Upbit to enter the non-fungible token (NFT) enterprise.

Hybe will purchase a 2.5% stake in Dunamu, a blockchain-based fintech startup that runs cryptocurrency change 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, based on the regulatory filing.  

The three way partnership firm will create NFT photocards that might be traded on Hybe’s world fan-to-artist communication app, Weverse, stated 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 photographs, voices of artists and extra, Bang defined. On high of that, world followers will be capable of change their digital photograph playing cards in digital areas, Track stated.

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

Hybe is likely one of the most profitable corporations manufacturing pop bands in the intervening time and they’re using the wave. Within the briefing, Lenzo Yoon, CEO of Hybe America, stated that Hybe and Common Music Group are getting 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, stated.

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

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

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