K-pop phenomenon BTS’ agency Hybe Co. will work with South Korea’s largest crypto exchange operator to issue an NFT related to the group.
Hybe agency and operator of crypto exchange Upbit announced that they have entered into a joint venture agreement to work on Dunamu NFTs.
The deal includes Dunamu buying a 2.5% stake in Hybe for 500 billion won ($423 million). Hybe will issue new 700 billion won shares to Dunamu on Thursday.
BTS members’ NFT photo cards will be released on the Upbit platform. Photo cards will be released in limited quantities.
Bang Si-hyuk, the founder of Hybe, made the following statements in a statement;
“We are working with Dunamu as a way to expand the fan experience. The aim is to create a secure card, which can be converted into a digital photo card with moving images and sounds instead of a single photo. Allowing cards to be collected, traded and displayed in the global fan community. ”
BTS Game Coming in 2022
Hybe shares rose as much as 7.5% in Seoul on Thursday. Following the NFT announcement, Hybe has released original stories starring members of K-pop boy groups starting in January, Naver Webtoon Co. It plans to publish it in web cartoon and web novel format via . The company also said it will release a BTS game developed with input from the group in the first half of 2022.
Upbit, one of the four Korean exchanges, accounts for about 88% of the trade volume in the country as of September.
