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K-pop boy band BTS members pose before their launch of a new title this year. Its label HYBE plans to venture into an NFT-related business together with crypto exchange operator Dunamu. Photo courtesy of Dunamu

HYBE enters NFT-focused business

HYBE, the music label for K-pop megastar BTS, has recently announced that it would form a joint venture with Donamu, which runs South Korea’s biggest crypto exchange Upbit.

The two companies said in regulatory filings on Nov. 4 that they will set up a non-fungible token (NFT) platform to come up with new products featuring HYBE artists.

HYBE will snap up around 2.5 percent of Dunamu share with 500 billion won ($420 million) and issue stocks worth 700 billion won ($590 million) to Dunamu.

“We are collaborating with Dunamu so as to find a way to expand the fan experience,” HYBE Chairman Bang Si-hyuk said in a media event on YouTube.

“We will join hands to introduce a new and exciting innovation to the global music industry and the fintech business.”

Dunamu CEO Song Chi-hyung expressed his hope for the NFT-focused venture.

“There are tangible results for the NFT-related businesses, which are headed by the art industry,” Song said.

“It is high time for HYBE’s intellectual property-based content to become digital assets through NFT technology as the fandom and the industry have sufficiently matured.”

However, the two did not disclose when the NFT products would be available to collectors.

NFT has gained traction across the world. In particular, it caught the attention after Twitter CEO Jack Dorsey’s first tweet as an NFT sold at almost $3 million early this year.

Recently, such segments as digital art, sports, game, and YouTube have adopted the technology in an effort to represent ownership rights of unique items.

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Hillary Lee studied literature in Seoul. Lee has big interests on various topics including IT, BT, business and finance. Lee can be reached at homin30@hanmail.net or 82-2-6956-6698.