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BTS enters NFT market in joint venture with Upbit – TechCrunch


Hybe, the South Korean company behind Okay-pop megastars BTS, announced right now 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 received). 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 line with the regulatory filing.  

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

Hybe’s BTS NFTs will embody shifting photos, voices of artists and extra, Bang defined. On high of that, international followers will have the ability to alternate their digital photograph playing cards in digital areas, Music stated.

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

Hybe is likely one of the most profitable firms manufacturing pop bands for the time being and they’re using the wave. Within the briefing, Lenzo Yoon, CEO of Hybe America, stated 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, 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 firms, 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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