NFT News

BTS joins NFT market with Upbit for $432.1 million

BTS’s management agency Hybe stated today that it will form a joint venture with Korean crypto exchange Upbit to explore the non-fungible token (NFT) market.

For $423.1 million, Hybe will purchase a 2.5 percent ownership in Dunamu, a blockchain-based finance company that runs Upbit (500 billion won). Dunamu will also buy Hybe shares, a 5.6 percent ownership in a Seoul-based music business, for $592.4 million.

It will produce NFT photocards to be exchanged on Hybe’s worldwide fan-to-artist communication platform Weverse, said CEO Si-Hyuk Bang and chairman Chi-Hyung Song during a joint press conference on Thursday.

Bang said Hybe’s BTS NFTs will incorporate moving pictures and artist vocals. Song said worldwide followers would also be able to trade digital photo cards in virtual environments.

Hybe and its subsidiaries revealed intentions to further digitalize the BTS brand. The NFT JV will also include a BTS video game and a “webtoon” company.

Hybe is currently one of the most successful pop band manufacturers. According to Lenzo Yoon, CEO of Hybe America, Hybe and Universal Music Group are also arranging a worldwide girl group debut. Separately, Hybe Japan’s CEO, Hyunrock Han, announced a boy band.

The emergence of NFTs will allow South Korean K-pop titans to increase income by converting existing IP into digital assets.

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