The Korean idol industry opens up the NFT market, with BTS's parent company establishing an NFT venture in partnership with the cryptocurrency exchange Upbit
Fans in the idol market, like gamers, are a heavy digital consumption group.Author: Richard Lee, Chain Catcher
On November 4, Hybe, the company behind the globally popular boy band BTS, announced the establishment of a joint venture with Dunamu focused on NFT business, marking a further push of the Korean idol industry into the NFT market.
Dunamu is the parent company of Upbit, a compliant cryptocurrency exchange in South Korea. According to a report by Techcrunch, Dunamu also disclosed this news in regulatory filings, while Hybe will purchase 2.5% of Dunamu's shares for $423.1 million (500 billion KRW), and Dunamu will hold 5.6% of Hybe's shares valued at $592.4 million.
Photo cards commonly collected by fans
According to Hybe's briefing, the newly established joint venture will develop digital assets based on the IP of Hybe's idol groups, such as turning the idol photo cards that fans are currently eager to collect into NFTs to enhance the fan experience. Dunamu Chairman Chi-Hyung Song stated that the NFTs to be issued will give photo cards dynamic images and sound effects, such as being able to hear the idol's voice by clicking on the photo card. Hybe's fan platform WEVERSE will provide services for the issuance, display, and trading of NFTs.
BTS, the popular group launched by Hybe in 2013
Hybe is a South Korean entertainment company founded in 2005, operating the popular boy band BTS, which has over 90 million fans worldwide and enjoys a certain level of popularity in the European and American markets.
Other entertainment giants in the Korean idol industry have also announced their foray into the NFT business. In July of this year, JYP Entertainment, the agency of the popular girl group TWICE, announced a partnership with Dunamu to establish an NFT platform based on K-pop content. According to Coindesk's report, SM also announced plans in 2019 to launch its own blockchain platform and cryptocurrency in response to falling stock prices.
