K-pop music label partners with crypto exchange on BTS digital collectibles

The music label behind Ok-pop superstars BTS has stated it plans to companion with South Korea’s largest crypto alternate operator to promote non-fungible tokens associated to the boy band and generate a brand new income stream.

Hybe on Thursday stated in a regulatory submitting that it had agreed to purchase a 2.5 per cent stake in Dunamu, the operator of the Upbit crypto alternate, for Won500bn ($423m) whereas Dunamu would purchase Won700bn of newly issued Hybe shares or a 5.6 per cent stake in Hybe.

The music company stated it might difficulty picture playing cards of BTS members as NFTs, or digital collectibles secured by blockchain, on Upbit, which accounted for practically 90 per cent of South Korea’s cryptocurrency buying and selling quantity.

Hybe founder Bang Si-hyuk is searching for to broaden his firm past music creation and star administration into a global entertainment platform. He informed an internet briefing that the purpose of NFT picture playing cards was to offer safe card possession, “permitting them to be collected, exchanged and displayed in a world fan group the place as a substitute of a single picture, it may be changed into a digital picture card with transferring photographs and sound”.

The transfer boosted Hybe shares 2.89 per cent on Thursday, as the corporate additionally unveiled plans to launch new net comics and net novels that includes BTS members and a online game co-produced by the Ok-pop sensation.

Hybe stated it was searching for a “boundless” enterprise mannequin by creating numerous content material utilizing its music mental property. “Though we’re based mostly on music, we’re getting ready for numerous works with out being constrained by particular enterprise areas,” stated Park Ji-won, the corporate’s chief government.

Unique tales within the type of net cartoons and net novels could be launched through Naver Webtoon’s platform in January whereas a BTS recreation, developed along with the seven-member band, could be launched within the first half of subsequent yr.

The entertainment industry is quickly adopting blockchain expertise because the trade struggles to guard copyright. The rise of streaming providers has made it simpler for followers to entry music however unauthorised copying of songs has additionally triggered difficulties for artists.

BTS will probably be one of many largest manufacturers to leap into the nascent buying and selling enterprise based mostly on blockchain expertise.

Upbit has survived a collection of regulatory measures to emerge as certainly one of South Korea’s dominant crypto exchanges. It is without doubt one of the nation’s 4 exchanges which might be allowed to supply won-based crypto buying and selling after the nation shut down dozens of small exchanges.

Hybe’s newest transfer comes as regulators in Seoul contemplate the opportunity of taxing earnings from digital property, akin to NFTs. The federal government is planning to impose a 20 per cent tax on capital features of greater than Won2.5m from cryptocurrency buying and selling, beginning subsequent yr.

Albert Yong, managing companion at Petra Capital Administration, a Seoul-based hedge fund investing within the leisure sector, stated there could be demand for NFTs based mostly on BTS due to its robust fan base.

However making the enterprise sustainable in the long run could be a problem. “The recognition of BTS won’t final for ever,” Mr Yong stated.


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