BTS to enter NFT market with photo cards? Here's all you need to know
The BTS members' picture cards will be available on Upbit as digital memorabilia and sold to fans using NFTs on virtual spaces.
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FollowNon-fungible tokens, or NFTs, are the newest fad globally, and their popularity has risen in recent months. Many businesses, celebrities, and organisations have signed up for this type of digital-only token, which allows them to buy and sell digital art, collectables, and other items. Bangtan Boys, often known as BTS, is the most recent addition to this list. According to Bloomberg, Hybe Co., the agency that controls the K-Pop success, is planning to collaborate with South Korea's largest crypto exchange operator to offer NFTs tied to the boy band, which has already taken the globe by storm.
The agreement is fantastic news for millions of BTS fans throughout the world. The agency will now sell images of the boy band through NFT. This, however, is not a new phenomenon. Photos of BTS members are frequently sold to fans. Still, Hybe's latest step is intended to stay up with the current trend of selling digital memorabilia via non-fungible tokens, or NFT.
According to Bloomberg, Hybe would purchase a 2.5 per cent interest in Dubamu. This firm operates the Upbit cryptocurrency exchange, South Korea's most significant of its type. The share will be purchased for 500 billion won (about $423 million).
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According to information disclosed in the company's regulatory filing on Thursday, BTS' management agency Hybe would issue 700 billion won in additional shares to Dunamu.
The BTS members' picture cards will be available on Upbit as digital memorabilia and sold to fans using NFTs on virtual spaces. According to Bloomberg, Hybe founder Bang Si-hyuk stated in an online conference that they are collaborating with Dunamu to establish a means to enhance the fan experience. He noted that the company's major goal is to create safe card ownership and enable them to be collected, shared, and shown in a worldwide fan community. Instead of a single photo, it may be made into a digital photo card with moving visuals and music. As soon as the news emerged, Hybe shares jumped 7.5 percent on Thursday, as BTS would be one of the major brands to enter the fledgling NFT trading sector.
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