BTS has just announced that it intends to enter the NFT space through a joint venture with Korean crypto exchange Upbit.
Hybe, the South Korean agency behind BTS, will pay USD 423.1 million for a 2.5 percent stake in Dunamu, a blockchain fintech startup that runs Upbit. At the same time, Dumamu will take a 5.6 percent stake in newly issued Hybe shares.
NFT photocards will be created and traded on Hybe’s global fan-to-artist communication app, Weverse. Moving images, artist voices, and more will be included in Hybe’s BTS NFTs. According to Hyuk Bang, CEO of Hybe, fans will be able to exchange digital photo cards in virtual spaces.
Hybe and its subsidiaries announced new plans to expand the BTS brand, including a future BTS video game and a webtoon business.