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Hybe, the entertainment agency behind the global superstar boy group, BTS, has inked a deal with Dunamu, one of South Korea’s leading cryptocurrency exchange companies. The agency is teaming up with the crypto firm to start its venture into the non-fungible token or NFT market.
According to The Korea Herald, through its partnership with Dunamu, Hybe will be selling NFTs related to BTS. It was revealed that there is also a plan to create and release a video game that will be co-produced by the band members, including RM, Jungkook, V, Jimin, Jin, Suga, and J-Hope.
Based on the details on the regulatory filing revealed on Nov. 4, Hybe will be acquiring a 2.5% stake or 861,400 shares in Dunamu that operates Upbit, a crypto exchange. The value for the purchase is said to be ₩500 billion or around $423 million. On the other hand, Dunamu will acquire ₩700 billion worth of shares in Hybe, which is equivalent to 2,302,570 shares.
The deal will make Hybe part-owner of Dunamu with a 2.5% stake, while Dumamu will be a shareholder in the entertainment company with 5.57% ownership. The transactions for the deal are expected to be completed on Nov. 24.
The move will push Hybe’s plans to start its new venture using NFT. Through the blockchain-based business, the company is aiming to roll out and sell BTS and its other artists’ unique items and merchandise for fans around the world.
Pulse News reported that during a virtual corporate briefing this week, Bang Si Hyuk, Hybe’s founder, and chairman, demonstrated how NFT items could be made by using artists’ photo cards and other items. The company wants to create NFTs using BTS’ original photo cards and will include moving images and voices of artists.
“We are working with Dunamu to create a way to expand the fan experience,” Bang said. “We are under talks to shape up a detailed action plan with Dunamu on how to provide secure photo card ownerships and allow fans to possess them permanently.”
He went on to say, “The goal is providing secure card ownership and allowing them to be collected, exchanged, and displayed in a global fan community where instead of a single photo, it can be turned into a digital photo card with moving images and sound.”
Finally, Hybe’s joint venture with Dunamu will also be a tool that will help it expand its web novels, gaming, and original web-based comics.
