BTS Joins the NFT Craze through Its Agency’s Partnership with Upbit

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South Korean K-pop icons BTS is reportedly entering the non-fungible token (NFT) market via its agency, Hybe’s, newly-found partnership with Korea-based crypto exchange Upbit. As per the reports, the entertainment label aims to purchase a 2.5% stake in Dunamu, the parent company of Upbit, while also issuing 5.6% of its stake back, which is about 2.3 million shares.

On a recent online briefing, Bang Si-hyuk, the Chairman of Hybe, stated that the partnering companies intend to introduce a series of new and exciting innovations in both the fintech industry and the global music space.

This joint venture by Hybe and Upbit aims to develop a collection of NFT photo cards that will be traded on the entertainment label’s global fan-to-artist communication application, Weverse. To the excitement of BTS fans worldwide, Hybe’s upcoming NFTs will include authentic voices and moving images of the BTS members.

According to Hybe, this is but the start of their more comprehensive plans to deliver the BTS brand even deeper into the digital space. On top of this NFT venture, Hybe notes that they are also working on a BTS video game and currently establishing their very own “webtoon” business.

This development came months after JYP Entertainment, one of South Korea’s most prominent entertainment labels alongside Hybe, partnered with Dunamu as well to develop a K-pop-based NFT platform.

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