.@HYBEOFFICIALtwt is kicking off on non-fungible tokens business. The K-pop powerhouse will team up with Dunamu, S. Korea's biggest blockchain firm, to establish a joint corporation that will issue NFT merchs using intellectual property (IP) assets of Hybe's artists. #NFTpic.twitter.com/qaAXGpfta6
BTS manager Bang Si Hyuk of Hybe Co. announced a partnership with Dunamu to create NFTs for the popular K-pop band BTS, such as photographs sold as NFTs.
“According to the report by Bloomberg, Hybe will buy a 2.5 per cent stake in Dunamu. This is the company that runs the Upbit crypto exchange, the largest of its kind in South Korea. The stake will be bought at a cost of 500 billion won, which is equivalent to $423 million. In a separate matter, BTS’ managing agency Hybe will also issue 700 billion won of new shares to Dunamu, as per a disclosure in the company’s regulatory file on Thursday.” (News18)
A few BTS fans expressed their displeasure, citing the impact of NFTs on the environment.
Very disappointed that you’re choosing to make NFT’s. How will that benefit the company or your artists? We live in an era where we have to save our planet, not pollute it even more. BTS’ image will also be impacted by this decision, they are fighting against global warming.
