HYBE has purchased a 2.5 percent interest in Dunamu, the parent firm of crypto exchange Upbit. According to South Korean regulatory documents, HYBE issued 2.3 million shares, giving Dunamu a 5.6 percent ownership in the company. Based on the HYBE roster of musicians, the joint venture business will issue a series of non-fungible tokens (NFTs).
The music business adopted NFTs rapidly, but the excitement has subsided. NFT compilations have been issued by artists such as 3LAU, Kings of Leon, Grimes, and Timbaland.
K-pop groups such as BTS and TXT may now participate in the NFT frenzy by providing unique and limited digital releases to its fans. Limited edition memorabilia of K-pop artists are nothing new to K-pop enthusiasts. Despite this, some fans are concerned about the emphasis on NFTs.
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