NFTs have soared in popularity in recent months, with caricatures of monkeys and lions commanding prices that scale up into the millions of dollars and sports clubs and prestige automakers are among those getting into the business.
Hybe Co, the agency managing K-Pop sensation BTS, will team up with South Korea’s largest cryptocurrency operator to build a joint venture related to non-fungible tokens.
The agreement involves Hybe buying a 2.5% stake in Dunamu, which runs the Upbit crypto exchange, for 500 billion won ($570 million). Separately, Hybe will issue 700 billion won of new shares to Dunamu, the company disclosed in regulatory filings Thursday.
