K-pop megastars BTS are entering the non-fungible token business with Upbit, a Korean crypto exchange. Here’s all you need to know about the BTS NFT that will soon make the waves.
What is BTS NFT all about?
The joint venture between Upbit and BTS will showcase NFT photocards. According to a joint statement released by Si-Hyuk Bang, the CEO of Hybe and Chi-Hyung Song, the chairmen of Dunamu, the photocards will be traded on Weverse. Weverse is Hybe’s global fan and artist communication app. The NFTs will also include the voice of artists and moving images among others. BTS NFT will also include a ‘webtoon’ business and a BTS video game. “On top of that, global fans will be able to exchange their digital photo cards in virtual spaces,” added Song.
Hybe, the South Korean agency behind BTS is buying a 2.5 percent stake in Dunamu. Dunamu is a fintech startup based on blockchain. The firm runs Upbit, a cryptocurrency exchange for $423.1 million. Additionally, Dunamu will also be acquiring 5.6 percent state in the newly issued Hybe shares for $592.4 million. “
New releases and debuts by Hybe
Additionally, Hybe and its subsidiaries revealed their plans for extending BTS’s brand deeper into the digital space. After all, it is one of the most successful companies in the business of manufacturing pop brands. Lenzen Yoon, the CEO of Hybe America also briefed that they are planning to debut a global girl group along with Universal Music Group. Additionally, Hyunrock Han, CEO of Hybe Japan announced that Hybe japan will announce a boy band in Japan.
Hybe, SM, YG, and JYP are the top entertainers in South Korea. And for a while now the big four have been competing to tap into new forms of technology. JYP Entertainment has partnered with Dunamu for setting up a K-pop NFT. Similarly, SM also announced building a blockchain and crypto platform in 2019.