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Hybe, the South Korean recording label behind global favorite K-pop boy band BTS, has partnered with the country’s biggest crypto exchange to issue non-fungible tokens (NFTs) based on the band.
The label will issue digital photo cards of band members, complete with video and sound, as NFTs, which can be bought and sold on the exchange.
Trading the NFTs through a blockchain platform provides secure ownership and maintains their financial value, Hybe noted.
Hybe also announced that it will produce web novels and web comics featuring BTS and the band will co-produce a video game with the company.
The expansion is part of Hybe’s “boundless” business model, moving its musical intellectual property across a range of digital platforms.
Much of the expansion will be blockchain-based, which ensures that companies can protect copyrights and ownership in a world in which streaming invites piracy.
TRENDPOST: Boy bands come and go, but Hybe’s concept can be applied to any pop star in any genre.
Bands, video stars, and pop culture personalities can use the model to multiply their riches quickly, while also ensuring that their publics tire of them sooner.
This new application of crypto technology opens a broad field of innovative uses for blockchain-based trading venues.