- HYBE has partnered with Upbit crypto exchange to launch BTS NFTs.
- The BTS NFTs will include moving digital photocards with sound.
- Also, HYBE is acquiring a 2.5% stake in Upbit’s parent company Dubamu.
HYBE has reportedly partnered with Upbit crypto exchange to launch BTS photocard NFTs and more. HYBE, formerly BigHit Entertainment, is the powerhouse behind global phenomenon Bangtan Sonyeondan, popularly known as BTS.
BTS consists of seven members; Kim NamJoon, Kim Seok Jin, Min Yoongi, Jung Hoseok, Park Jimin, Kim Taehyung, and Jeon Jungkook.
According to Bloomberg, the partnership between HYBE and Upbit will catapult BTS into the crypto and NFT sphere. A move likely to fuel the growing popularity of non-fungible tokens (NFTs).
HYBE founder Bang Si-Hyuk commented that the partnership aims to expand fan experience by allowing fans to collect, exchange ,and display their photocards securely. Also, the NFT will be moving images with sound, which is likely to thrill BTS’s millions of fans aptly named ARMY.
BTS has a worldwide fan base that has seen the k-pop boy band sell out global stadium tours while breaking numerous YouTube and Billboard records. In fact, BTS is a coveted brand partner that sell out anything they touch. BTS partnerships range from the wildly successful McDonald’s meal, FILA, Samsung, Hyundai, and luxury brands like Louis Vuitton.
While HYBE already sells BTS photocards as part of different content packages including albums, reality shows, and more. However, this will be the first time the band will take part with a crypto project.
Notably, Upbit is the largest crypto exchange in South Korea and is one of four Korean exchanges able to offer won based assets and crypto-to-crypto trading.
South Korea has increasingly taken an anti-crypto stance by tightening regulations for crypto operations. These regulations have led global exchanges like Binance to shut down operations and exit the popular crypto hub.
South Korean President Moon Jae-In recently appointed BTS as his special envoys to the UN. As such, the partnership with Upbit might help sway sentiment in favour of crypto operations in South Korea and beyond.
In addition to the NFT launch, HYBE is buying a 2.5% stake in Dubamu, Upbit’s parent company. The 2.5% stake will cost HYBE a whooping 500 billion Korean won ($423 million). The listed entertainment agency also filed to issue 700 billion won worth of new Hybe shares to Dubamu, according to reports. News of the partnership sent Hybe shares soaring by 7.5%.
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