Korean entertainment agency Hybe has partnered with crypto exchange Dunamu to venture into the NFT market. The collaboration saw Hybe gain a 2.48 percent stake in Dunamu, and the crypto exchange Dunamu acquiring a minority share of Hybe.
Hybe, formerly Big Hit Entertainment, is a South Korean entertainment company that manages some of the biggest music artists in Korea, including boy band BTS. Previously Hybe had denied any rumours surrounding a partnership, however the latest revelations from both parties has led to the shares of Hybe skyrocketing.
The two companies are expected to reveal their “detailed plan” on the exact nature of their NFT collaboration, however at a briefing Hybe founder Bang Si-Hyuk outlined a brief outline of what this might look like:
“We are under talks to shape up the detailed action plan with Dunamu on how to provide secure photo card ownerships and allow fans to possess them permanently. They would enjoy diverse experience by collecting, exchanging and displaying the cards through global fan communities such as Weverse, instead of having a single photo,” Bang said.
He added:
“The realm of fintech seems to go beyond what we can imagine”
The crypto exchange Dunamu operates the digital asset exchange Upbit, as well as several other crypto and fintech related products. During the brief with Hybe founder, Bang confirmed that the two will be developing an NFT business that would allow fans of their artists to purchase unique non-fungible tokens including animated images, and voices of the artists.
The continued popularity of NFTs and their adoption by the entertainment industry seems to show no signs of halting. Major corporations such as Warner Bros, legendary directors such as Quentin Tarantino, and even entire sports leagues, are demonstrating that the demand for non-fungible tokens is still very much present, and growing.
In Korea, a top VC of Korea Investment Partners stated in an interview with The Korea Economic Daily, that he believes that this year NFTs will emerge as promising investments as the global pandemic settles down, tapping into people’s desire for exclusive ownership.
NFTs have not yet been labeled as virtual assets, and remain tax free at the present moment in South Korea.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
