non-fungible token or NFT These are the latest craze around the world lately, and their popularity has skyrocketed over the past few months. Many brands, celebrities and organizations have signed up for this form digital token only To buy and sell digital art, collectibles and more. The latest addition to this list is the K-pop boy band Bangtan Boys, better known as BTS. According to a Bloomberg report, Hybe Company, the agency that manages the K-pop sensation, is set to sell boy band-related NFTs in collaboration with South Korea’s largest crypto exchange operator, which is already worldwide. has captured. Storm.
This deal is good news for the millions of BTS fans around the world. Through this, the agency will now sell boy band pictures through NFTs. However this is nothing new. Photos of BTS members are regularly sold to fans, but Hyb’s latest move aims to keep up with the latest trend of selling digital collectibles via non-fungible tokens, or NFTs.
According to a Bloomberg report, Haibe will buy a 2.5 per cent stake in Dubamu. This is the company that runs the Upbit crypto exchange, which is the largest exchange of its kind in South Korea. The stake will be purchased at a cost of Won 500 billion, which is equivalent to $423 million. In a separate case, BTS’s managing agency Haibe will also issue 700 billion new shares to Dunmu, according to a disclosure in the company’s regulatory file on Thursday.
Photo cards of BTS members will be placed on Upbit as digital collectibles, and as such will be sold to fans via NFTs on the virtual space.
“We’re working with Dunmoo to create a way to expand the fan experience,” Hybe founder Bang Si-hyuk said in an online briefing, reports Bloomberg. He said the company’s main ambition is to create a secure card ownership and “allow them to be collected, exchanged and displayed to a global fan community where, instead of a picture, it is converted into a digital photo card with moving images.” Can be changed and sound,” the news agency said in its report.
As the news spread, shares of Hyb rose 7.5 percent on Thursday as BTS will be one of the biggest brands to enter the NFT trading business, which is still in its infancy. According to Bloomberg, “Upbit is one of four Korean exchanges allowed to offer win-win-based trading as well as crypto-to-crypto trading services following a regulatory clampdown in September.”
NFTs are a unique digital asset that represents real-world objects such as music, art, in-game articles, videos or even social media posts. Being irreplaceable, the NFT cannot be replaced by anything else as it is unique and irreplaceable. In recent times, NFTs have become a popular way to sell and buy digital artwork. However, these digital tokens have been around since 2014.
Recently, fast-food chain McDonald’s announced the launch of its limited edition NFTs to mark the 40th anniversary of its McRib sandwich. “Our McRib NFTs are digital versions of fan-favourite sandwiches – almost the same as McRib – and we’re giving them to a few lucky fans on Twitter starting November 1st,” McDonald’s said in a statement. The KTen NFT McRib Sandwich, a popular item on the menu, has been launched in the United States.
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