BTS’ management agency is investing in NFTs, blockchain technology that allows for unique ownership of digital goods.
K-pop powerhouse BTS is joining the frenzy for non-fungible tokens (NFTs). The boy band’s management company Hybe, founded by South Korean billionaire Bang Si-hyuk, is teaming up with the operator of the country’s largest cryptocurrency exchange to launch an NFT-related business.
At an online briefing on Thursday, Mr. Van said the new venture will sell digital photocards of Haibe artists, including video and audio.
Haibe also announced plans to buy a 2.5% stake in Dunam, which operates South Korea’s crypto trading platform Upbit, for 500 billion won ($ 422 million). According to another filing, the entertainment giant will also issue 2.3 million shares to Dunam for about 700 billion won.
The move will push Hybe’s plans to start its new venture using NFT. Through the blockchain-based business, the company is aiming to roll out and sell BTS and its other artists’ unique items and merchandise for fans around the world.
Photo cards of BTS members will be released as NFTs on Upbit, which would be available to share on virtual spaces. Physical photo cards are commonly released in limited quantities and collected and traded by fans who meet in person.
“We are working with Dunamu to create a way to expand the fan experience,” said Hybe founder Bang Si-hyuk in an online briefing. The goal is providing secure card ownership and “allowing them to be collected, exchanged, and displayed in a global fan community where instead of a single photo, it can be turned into a digital photo card with moving images and sound.”
With this move, BTS joins the long line of prominent music artistes who have jumped on the NFT bandwagon. Last month, popular video-sharing platform TikTok revealed that it would be launching its first-ever NFT collection. The collection kicked off on October 6th with American rap star Lil Nas X as the headliner.
