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Music & Entertainment

HYBE, Korea cryptocurrency exchange operator to co-launch BTS NFTs

HYBE to invest $423 mn in Dunamu’s new shares; Dunamu to spend $592 mn for HYBE’s new stocks

By Nov 04, 2021 (Gmt+09:00)

BTS
BTS

HYBE Co., the label behind BTS, is expected to launch non-fungible tokens (NFTs) for assets of the world’s top boy band alongside the operator of South Korea’s largest cryptocurrency exchange.

HYBE has agreed with Dunamu Inc., the operator of Upbit, to join forces on the business of NTFs, blockchain-based tokens, which each represent a unique asset such as a piece of art, digital content or media.

Both companies said on Nov. 4 that they will make equity investments in each other for long-term cooperation.

HYBE decided to buy 861,004 new shares in Dunamu for 500 billion won ($422.7 million) on Nov. 24. The major K-pop agency is set to issue 400 billion won worth of convertible bonds on Nov. 5 to finance part of the investment.

Dunamu plans to purchase 2.3 million new stocks in HYBE for 700 billion won.

With the cooperation, HYBE is predicted to release NTFs for music and goods of its artists including BTS, according to industry sources.

The NTFs are likely to strengthen fandom culture, while protecting content from illegal duplication, as the blockchain-based tokens of music and goods that cannot be reproduced will give fans the feeling of owning limited editions.

Write to Jin-Seong Kim at jskim@hankyung.com

Jongwoo Cheon edited this article.

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