Mon, August 15, 2022

BTS Announces NFT Venture with Korean Cryptocurrency Giant

Non-Fungible Tokens nft

Hybe is a growing South Korean company known as the home of the hitmakers BTS. The company released a statement on November 4, according to which it is investing in NFTs and launching new pop acts. During a corporate briefing on YouTube, Hybe management outlined its plans for the remaining 2021 and early 2022.

The highest-profile statement was Hybe’s investment in Dunamu. Dunamu is South Korea’s largest cryptocurrency operator and operates Upbit. The companies will set up a joint venture to set up NFTs. Artists will take part in them; there will be content releases from Hybe and BTS related.

The company also announced that it was producing a group of girls in the US market, in partnership with Universal Music Geffen Records and boys in Japan. Hybe started auditions for women team members and is currently working on a Japanese play.

As the report mentions, there will also be a series of webtoons, or digital comics, inspired by TXT, BTS, and Enhypen. Each of the original webtoons contains a different fantastic scenario and will be collaborating with Hybe K-pop performers in parallel.

BTS Announces Big Challenges for 2022

In the past, many elements of stories were presented in the works of artists. For example, the traditional themes that appeared in BTS music videos and the mystical music videos of TXT.

They will be accessible through Webtoon and run on the publishing platform Wattpad. This platform is one of the most popular. Hybe has also announced integration with the new BTS game and the Weverse Naver Live Streaming V Live app for fan and artist communication app. A new version of Weverse and a game that BTS members have been working on will be released next year.

NFT Venture Predictions

The news spread very quickly on social media. However, it is worth noting that the launch of the NFT venture has caused some concern. Many comments were made during the live broadcast of the event. Part of the fans did not want a new NFT venture and did not support the new initiative. This announcement has sparked discussions about whether NFT is beneficial to the environment.

NFTs powered by blockchain technology is environmentally unhealthy and seem to contradict the recent release of BTS at the UN, which is pushing for a fight against climate change. In the past, other K-pop fans have also expressed concern about NFTs. Nevertheless, the creation and sale of NFTs in the art industries are increasing day by day.

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