BTS partners with UPBIT for NFTs business
Source
The agency behind the successful South Korean K-pop music stars BTS Hybe, has announced that they will be partnering with Upbit the Korean crypto exchange platform to do business with the non-fungible(NFT) tokens.
The BTS are widely known for their music, their groups are made up of male singers, they have won so many awards and have gained popularity over the years. Currently they just have only one Grammy nominations with no wins yet.
The agency tends to buy a 2.5% stake in Dunamu Company; it is a blockchain-based fintech startup that runs cryptocurrency exchange Upbit, for $500 billion won. The company also acquired a newly issued Hybe shares, a 5.6% stake, in a Seoul-headquartered music agency for $592.4 million.
Due to the popularity of the K-pop stars the partnership tends to create NFTs of photocards that will be traded on Hybe’s global app. The NFTs will include the stars voices, images and their fans will be able to exchange their digital photo cards.
Hybe is one of the most successful companies manufacturing pop bands at the moment and they are riding the wave. In the briefing, Lenzo Yoon, CEO of Hybe America, said that Hybe and Universal Music Group are preparing to unveil a global girl group debut, too. Separately, Hybe Japan will announce a boy band in Japan, Hyunrock Han, CEO of Hybe Japan said.Source
The biggest entertainment industry in South Korea have been in head to head battles of acquiring new techs, Like the JYP Entertainment, they partnered with Dunamu to set up a K-pop-based NFT platform in July, while the SM announced its launch to build a crypto and blockchain platform in 2019 and now the Hybe has announced its partnership with Dunamu.
This move will make of the biggest brands to jump into the nascent trading business based on blockchain technology.
Posted Using LeoFinance Beta