K-Pop Band BTS Launching First NFT Collection
Music industry leaders are diving into the world of NFTs and cryptocurrencies, and the K-pop genre is poised perfectly to take advantage of the technology.
Not without criticism, though.
Hybe, the management company behind South Korean boy band BTS, addressed climate concern related backlash Thursday by announcing no change in plans. The first launch from BTS is anticipated in the next six months.
"We believe NFTs have the potential for expansion and hope they will provide fans with more varied experiences and opportunities to express themselves,” HybeAmerica's project lead John Kim told the Wall Street Journal.
Hype began a joint venture with Upbit, South Korea's biggest crypto exchange, in November. The entertainment giant bought a 2.5% stake in Upbit's parent company, Dunamu, and Dunamu received 2.3 million shares in Hybe, per a regulatory filing.
The teasing of digital BTS trading cards complete with music was met with fan protests against the energy consumption required to mint NFTs.
"Its carbon footprint is almost negligible," Kim Min-jung, Dunamu's NFT business development and strategy manager, told WSJ.
With BTS' popularity, having generated Hybe over $200 million in merchandise and licensing sales in 2021, exploring NFTs will unlock entirely new revenue streams.