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BTS agency said HYBE will move forward with NFT plans

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HYBE, The home of K-pop joggernauts BTS, doubled plans to launch fixed exchange tokens (NFTs) in the future.

HYBE announced its plans last year Cooperation with Dunamu financial-technological company for a new business model that includes a combination of its intellectual property and NFTs. One clear example used by HYBE chairman Bang Si Hyuk at the time the photo cards were digital versions of collectible cards featuring images of K-pop idols.

After the announcement, BTS fans have expressed dissatisfaction with HYBE’s plans to launch NFTs, with many quotes the potential negative impact of a digital asset on the environment. ARMYs also noted how the company’s NFT plans are seen as contradictory boyband’s last speech at the UN, where they described climate change as a “significant problem”.

In its first statement on the matter after the reaction, HYBE said it would not back down from its NFT plans. According to HYBE America project manager John Kim, digital photo cards of BTS members will go on sale in the first half of this year.

in a statement The Wall Street Journal, per The Korea Economic Daily, “We believe NFTs have the potential to expand, and we hope they offer fans more different experiences and opportunities to express themselves,” Kim said.

In addition, Dunamu also claimed that the NFTs initiative with HYBE will not affect the environment as fans think. Kim Min-jung, Dunamu’s NFT business development and strategy manager, claimed that their NFT platform would not consume more energy than the more basic options, noting that “its carbon footprint is almost insignificant”.

HYBE is not the only K-pop company planning to launch NFTs based on its IPs. Last year, JYP Entertaint also announced a partnership with Dunamu Production and distribution of NFT-linked digital goods.

The platform will reportedly be used to distribute K-pop content for JYP artists. The company’s current active artists include South Korean K-pop genres TWO TIMES, Lost children, 6-kun, ITZY and 14:00, as well as the NiziU girls group based in Japan.



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