BTS Launching NFTS: Will They Be In Demand And 'Smooth Like Butter'?

One of the most popular bands in the world is joining the non-fungible token market with a new joint venture.

What Happened: Hybe, a South Korean agency, is partnering with Dunamu, on a joint venture that will bring NFTs of BTS to market.

Hybe is paying $423.1 million to acquire a 2.5% stake in Dunamu, which runs the cryptocurrency exchange Upbit. Dunamu will acquire a 5.6% stake in Hybe for $592.4 million.

The new joint venture will launch NFT photo cards that can be traded on Weverse, the fan-to-artist communication app from Hybe.

“Hybe’s BTS NFTs will include moving images, voices of artists and more,” Hybe CEO Si-Hyuk Bang said. “On top of that, global fans will be able to exchange their digital photo cards in virtual spaces.”

Related Link: BTS Teams Up With Casetify To Launch Butter Accessories For iPhone, Nintendo Switch 

Why It’s Important: BTS is one of the most popular bands in the world with 60 million subscribers on YouTube and 34 million followers on Twitter Inc TWTR.

“Butter,” a single from BTS, broke records this year with 3.9 million concurrent viewers for its premiere on YouTube. The video had over 108 million views in its first 24 hours - a K-pop group record.

“Butter” broke a Spotify Technology SPOT record with 11 million global streams in 24 hours after its release. The band has seen their singles break records for chart-toppers, streams and video views.

BTS has also become a highly marketable band, even entering into a partnership with McDonald's Corp MCD earlier this year for the BTS meal.

The NFTs could be well received by fans of the band and collectors.

Hybe plans to expand the BTS brand through NFTs, a video game and a “webtoon” business line.

Hybe will be launching a global girl group in a partnership with Universal Music Group and a boy band in Japan, according to the company.

Photo: I DARE U JK, via Wikimedia Commons