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K-Pop Label Behind BTS Partners With Upbit in NFT Push

Hybe, the South Korean label behind K-Pop group BTS, is teaming up with the country’s largest crypto exchange, Upbit, to launch a non-fungible token (NFT) business.
Entertainment giant Hybe is buying up a 2.5% stake in Upbit’s parent company Dunamu and issuing 2.3 million shares, giving Dunamu a 5.6% stake in Hybe, according to a regulatory filing.
The joint venture company plans to launch a range of NFTs based on Hybe’s roster of artists, which include BTS and fellow K-pop group TXT.
“We are working with Dunamu to create a way to expand the fan experience,” said Hybe chairman Bang Si-hyuk in an online briefing. “We will bring together the capabilities both companies have built up so far to introduce a new and exciting innovation to the global music and fintech industries.”
NFTs, or non-fungible tokens, are cryptographically unique assets that are linked to digital content such as images or videos. The music industry has been quick to embrace NFTs, with artists including Timbaland, Gr

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