Hybe, the South Korean label behind popular K-Pop group BTS, iscooperatewith the country’s largest crypto exchange, Upbit, to launch an NFT token business.
Hybe has acquired a 2.5 percent stake in Upbit’s parent company Dunamu and issued 2.3 million shares and gave Dunamu a 5.6 percent stake in Hybe. The company plans to launch various NFTs based on Hybe’s artist lineup, including BTS and TXT. , Seventeen and NU`EST
They will also try to market K-pop-themed digital products to make it more accessible to fans around the world.
“We are working with Dunamu to expand the fan experience,” Hybe president Bang Si-hyuk said at an online briefing. “We will combine the capabilities that both companies have created. to bring new and exciting innovations to the global music and fintech industry.”
The entertainment industry is rapidly adopting blockchain technology and digital assets, and NFT has also given fans the opportunity to own authentic versions of the music artwork.
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