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Agency Behind K-Pop Group BTS Enters the NFT Scene

The agency behind famous k-pop group BTS, Hybe, has agreed to establish a joint venture with crypto exchange Upbit’s operator Dunamu to work on NFTs (non-fungible tokens).

Fans of BTS can start expecting a collection of NFT photocards featuring the BTS members to be launched as a result of this joint venture. The tokenised photocards will eventually be traded on Weverse — an app by Hybe that connects artists and fans.

Both Hybe and Dunamu will be exchanging shares via a third-party allotment capital increase. Hybe will obtain a 2.5% stake in Dunamu worth $423 million, and Dunamu will acquire Hybe’s newly issued shares for $590 million — which is equivalent to a 5.6% stake in the music agency.

Upon the announcement on Thursday, Hybe’s shares went up by 4.9%.

Upbit is among the largest crypto exchanges in South Korea, as well as one of the four — the other being Bithumb, Coinone and Korbit — that are authorised to offer Korean won trading pairs after dealing with regulatory obstacles in September.

Merely hours before the registration deadline, only ten out of dozens of crypto exchanges submitted their application to the local anti-money laundering arm, the Financial Intelligence Unit (FIU). The country requires all virtual asset service providers to undergo the registration in order to receive authorisation.

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