HYBE Labels, BTS' agency, also joined NFT. The "Non-Fungible Token" is now emerging as K-Pop's "future food." The K-pop industry is now getting even more digital.
Keep reading to learn more.
HYBE Labels' Real Reason for Joining NFTs
On November 5, companies, including K-Pop idol agencies and some famous composers, have recently started working with the NFT platform one after the other.
The day before that, Hybe announced a global partnership with Dunamu, a leading blockchain, and fintech company. The fusion of the artist intellectual property (IP) and blockchain and fintech technologies begins the "boundless" relationship between the industries.
Although in a new joint venture, they announced that they will open an NFT business where artist IP-based contents and products could become digital assets of fans.
HYBE Chairman Bang Shi-hyuk approved the NFTs, citing "photo cards," a merchandise souvenir between idol fandoms.
The chairman also stated that if the uniqueness of a photocard is digitally certified, it could be stored permanently, so a "digital photo card" with images or sound can be created instead of only one photo.
It is also possible to decorate the avatar and virtual space with the use of digital photo cards in the platform. It will also be possible for fans to show their space to artists between different fandoms.
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Non-Fungible Tokens in the K-Pop Industry
NFT, also called "non-fungible token," is the only verifiable digital asset in the world. It is mostly created by giving unique value to digital content or products with the help of blockchain technology.
The convergence of artist IP and blockchain technology will be another innovation in the entertainment industry. It will be a technology for people who have created unique values and fans who support it.
JYP Entertainment, which manages "2PM" and "TWICE," also announced in July that it would work with Dunamu to make a K-pop-based NFT platform. It seeks businesses like distribution, production, and trading of digital goods related to NFTs.
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JYP is the first major domestic music agency that entered the NFT platform business. Noneni Special Forces Entertainment, which is led by producer Kim Hyung-seok, decided to promote joint projects in connection to NFT and Metaverse with a blockchain company, Key Inside.
Abyss Company, which manages former Wonder Girls member Sunmi, vocal group Urban Zakapa, and singer Park Won, signed a business contract with the NFT platform "Define" last May.
To put it simply, NFT is a technology that verifies ownership in a blockchain. It is a kind of new digital asset that has a tag that gives a unique identification information to digital files like music, video, and pictures.
It is a digital certificate that can be permanently preserved in a state that cannot be forged or tampered with. It is a similar technology that is used in cryptocurrency.
Japan is also moving rapidly in NFT-related businesses. A Japanese idol agency, Avex, that is in partnership with SM Entertainment, established Avex Technologies (ATS), a subsidiary based on the NFT business, this year.
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KpopStarz owns this article.
Annie Barmaine reported this.
