BTS agency Hybe announces joint NFT venture with largest South Korean cryptocurrency operator Dunamu, and a webtoon series
- BTS’ management agency is investing in NFTs, blockchain technology that allows for unique ownership of digital goods
- BTS would be one of the biggest brands to join the trading of NFTs. Music, photography and digital art are among popularly traded NFT genres
Hybe, the rapidly-growing South Korean company best known as the home of hitmakers BTS, will be launching new pop acts and investing in NFTs, the company announced on November 4.
During a corporate briefing on YouTube, Hybe’s management, as well as executives from subsidiaries and partners in the entertainment tech fields, laid out its plans for the rest of 2021 and early 2022.
The highest profile announcement was Hybe’s investment in Dunamu, the largest South Korean cryptocurrency operator, which runs the popular cryptocurrency exchange Upbit. The companies will launch a joint venture to create non-fungible tokens (NFTs) featuring artists and content from Hybe, including BTS-related releases.
The company also announced that it was preparing a girl group in the US market as a “global girl group” in partnership with Universal Music’s Geffen Records, as well as a boy band in Japan.
Hybe launched an audition for members of the female team, and is currently working on the Japanese act, which will feature four individuals previously introduced through the competition show I-Land, which produced boy band Enhypen last year.