K-pop’s BTS branches out into NFTs

K-pop’s BTS branches out into NFTs

THE WHAT? K-pop sensation, BTS’s music label, Hybe has announced that it is to partner with Dunamu in order to issue digital collectibles secured by blockchain, according to a report published by the Financial Times.

THE DETAILS The crypto exchange operator will purchase a 5.6 percent stake in the music agency via the purchase of KRW700 billion of newly issued shares, while Hybe will take a 2.5 percent share in Dunamu, valued at KRW500 billion.

Digital photo cards, web cartoons, web novels and even a game developed with the group will be launched in the first half of next year.

THE WHY? Hybe said, per the Financial Times, that it was seeking to diversify beyond music, trading its intellectual property in new ways.

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