The Chosunilbo JNS
- Hybe, which manages BTS and other K-Pop stars, said it had signed a deal to produce NFTs with South Korea's largest crypto operator.
- Bloomberg reported Thursday that Hybe was planning a video game and other digital content linked to the 7-member band.
- NFTs have become mainstream thanks to the help of celebrities, artists and athletes.
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K-Pop boy band BTS are the next pop stars to dive into the crypto space after the group's management signed a deal to produce non-fungible tokens of the seven performers, according to Bloomberg on Thursday.
BTS' agency Hybe plans to release NFT photocards of the band members jointly with South Korea's Upbit exchange, run by cryptocurrency operator Dunamu – the largest in the country. The group regularly releases physical photcards that fans can collect, but the world is going digital and BTS are keeping up with the times.
Many celebrities, artists and performers have brought out NFTs that represent music, video and games. But BTS are the largest outfit to get involved in the world of digital collectible items so far.
Dunamu and Hybe were not immediately available to comment when contacted by Insider.
"We are working with Dunamu to create a way to expand the fan experience," said Hybe founder Bang Si-hyuk in an online briefing, as quoted by Bloomberg. 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."
Non-fungible tokens have been all the rage, as pop stars like Katy Perry and even fashion houses like Burberry have dived in. NFTs are unique digital tokens that run on the blockchain.
The BTS NFT photocards will be available on Weverse, the app that connects K-Pop fans to their favorite bands and singers.
Hybe is also planning a video game, as well as web comics featuring the "Dynamite" singers.
As a part of the deal Hybe has bought a 2.5% stake in Dunamu for $422 million. Hybe will also issue $591 million new shares to Dunamu, according to Hybe's earnings report Thursday.