HYBE, one of the top Kpop entertainment companies, partnered with Korean cryptocurrency firm Dunamu, the operator of cryptocurrency exchange Upbit, early this year. This can only mean one thing. Expect to see BTS NFTs by the end of this year. The partnership allows HYBE IP-based content and products to become digital assets fans can buy. So what exactly are NFTs? NFT (nonfungible token) is a unique digital product and one of a kind. In addition, it can be verified through Blockchain technology so that you know there is only one in the world.
Creating BTS NFTs is a creative way for HYBE to make money during the streaming era. It will also offset the revenue lost due to COVID-19, which has shut down Kpop concerts worldwide. HYBE currently generates over $200 million yearly in BTS merchandise and licensing sales. NFTs have the potential to double that in 2022. For BTS fans to purchase BTS NFTs, they will need to buy cryptocurrencies like Ethereum. Cryptocurrencies like Bitcoin and Ethereum require a lot of energy to produce. This goes against BTS’s climate activism which has caused many BTS fans to criticize the move. However, BTS’s fanbase is so big that most of them will support the group no matter what.
Collectible Photo Cards of BTS
These collectible photo cards of BTS will be digitally authenticated by being minted as NFTs. When you click on the card, it will feature interactive content like images, music, or even the member’s voices. In addition, owners of the photo cards can trade them on HYBE’s fan community platform Weverse. NFT versions of these photo cards will be a great way to combat widespread counterfeiting. With the fanbase that BTS has created, these Photo cards could be collectibles, much like sports trading cards.
A Share of a Song from BTS
Future songs from BTS can be divided into shares similar to stocks. The stockholders will share the royalties collected from the songs. Therefore, BTS fans could become investors in future BTS songs. This means the more times the song gets played, the more money they will receive. If BTS fans own a share of the songs (masters), they are even more emotionally and financially invested in the song’s success. Depending on our the tokens are allocated, thousands of fans could own a piece of a single.
BTS NFTs – Virtual Wearables
HYBE may create a virtual space (Metaverse) for its fans. Fans can log into these spaces as avatars, and these avatars will need something to wear. BTS virtual wearables will be the virtual outfit/accessories for your virtual avatars. For example, your avatar can wear BTS hats, clothes, sunglasses, and sneakers in the digital world. They will be limited edition BTS NFT wearables that will be unique for each user. The BTS members could design these NFT wearables to increase its value even more.