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BTS enters NFT market in joint venture with Upbit

Hybe, the South Korean agency behind K-pop megastars BTS, announced today that it plans to set up a joint venture with Korean crypto exchange Upbit to enter the non-fungible token (NFT) business. Hybe will buy a 2.5% stake in Dunamu, a blockchain-based fintech startup that runs cryptocurrency exchange Upbit, for $423.1 million (500 billion won). At the same time, Dunamu will acquire newly issued Hybe shares, a 5.6% stake, in a Seoul-headquartered music agency for $592.4 million, according to the regulatory filing.