BTS partners with Upbit, enters NFT market

BTS has just announced that it plans to set up a joint venture with Korean crypto exchange Upbit to enter the NFT space.

Hybe, the South Korean agency behind BTS, will buy a 2.5% stake in Dunamu, a blockchain fintech startup that runs Upbit, for USD 423.1 million. Dumamu will at the same time acquire newly issued Hybe shares, at a 5.6% stake.

The company will create NFT photocards that will be traded on Hybe’s global fan-to-artist communication app, Weverse. Hybe’s BTS NFTs will include moving images, voices of the artists and more. Fans will be able to exchange their digital photo cards in virtual spaces according to Hyuk Bang, CEO of Hybe.

Hybe and its subsidiaries unveiled further plans to extend the BTS brand, teasing a BTS video game and a webtoon business in the future.

Source: Hybe