BTS, the organization at the back of K-pop, is entering the NFTs (non-fungible tokens) fever. Hybe, a management company for a boy band, has been originated by Bang Si-hyuk (a billionaire from South Korea), is joining forces with the country’s biggest crypto exchange operator to launch a business related to NFTs. While giving an online update on Thursday, it was stated by “Bang” that the latest venture targets selling the digital cards of the Hybe artists’ photos, including sounds and moving images.
It has also been declared by Hybe in a filing that the company is planning to secure a 2.5% stake under Dunamu, which operates Upbit (a Korean venue for crypto trading), for up to 500B won (nearly $422M). The entertainment company will additionally release approximately 700B won for Dunamu, as per another filing. Non-fungible tokens are known as digital assets deposited on a blockchain that validates the possession of items like music, artwork, photos, as well as in-game objects. These photo cards relate to those which are physical and frequently manufactured in limited amounts.
The ambiguity remains still about the time of the rollout of the digital trading cards. However, the entertainment firm mentioned that the products would allow the consumers to exchange, collect, as well as present them on venues like the online fan society thereof. Bang, the Hybe’s chairman, during an online briefing, stated that they are working in collaboration with Dunamu to construct a way to enhance their fans’ experience. He added that they intend to conjoin the abilities of both the firms up till now to bring forward the latest and thrilling advancement to the worldwide fintech and music industries.
Hybe has turned out to be one of the prominent entertainment companies around Korea due to the BTS boy band having engraved its title into the books of history by presenting some prominent international hits. The accomplishment of K-pop has driven Bang Si-hyuk (the mastermind at its back) to be ranked among the billionaires around the world, with $2.7B as approximate net worth. In the meantime, Upbit got included in the four players getting permission to operate after the crackdown of South Korea, in which approximately 40 other venues for crypto trading were wound up. The respective partnership will permit BTS to be the newest celebrity getting into the swiftly expanding bandwagon of NFTs.