BTS, a Korean boy band, has announced plans to release its own NFTs. Given the nature of the place, it’s not surprising that artists and celebrities have entered the NFT universe.
NFTs provide authors full ownership of their work, and everyone who buys it has verifiable data on the blockchain that proves they are the legitimate owner.
This is tempting to artists and creators who have long been affected by piracy’s consequences on their work. NFTs not only provide the customer entire ownership of the object, but they also safeguard the creators by making it difficult for pirates to sell copies of the artwork.
The benefits of selling content as NFTs rather than traditional methods of sale have also piqued interest in the field. Except for network fees and the cost of selling on NFT markets like OpenSea, all proceeds from the sale of an NFT go straight to the owner who mints the art.
Getting Started with NFTs
Hybe Co., the BTC controlling agency, and Dunamu, the parent business of Upbit, South Korea‘s largest crypto exchange, collaborated on the launching of the BTS NFTs. Hybe paid $423 million (500 billion won) for a stake in Dunamu and expects to provide the company $592 million (700 billion won) in stock.
The collaboration will see the introduction of BTS photo cards on Upbit, which fans of the band will be able to share in virtual spaces. Fans can also buy, trade, and collect physical replicas of these photo cards, which will be available in limited quantities. Hybe stated that it intends to use this to enhance the band’s fan experience in the future. NFTs allow fans to interact with creators directly through their work.
“We are working with Dunamu to create a way to expand the fan experience, allowing them to be collected, exchanged, and displayed in a global fan community where instead of a single photo, it can be turned into a digital photo card with moving images and sound.” – Bang Si-hyuk, Founder, Hybe Co.
Stans Hybe also revealed that the agency was planning to release web cartoons and novels based on BTS members’ own stories. The seven members of the k-pop band will have their stories presented through multiple channels, allowing fans to interact with them and learn more about them.
In addition, there were rumours of a game release. The agency plans to produce a BTS game next year, according to Hybe. This game is being created with the band’s direct input and will feature them as characters in the game.
BTS joins a lengthy list of well-known musicians that have jumped on the NFT bandwagon with this move. Last month, TikTok, a popular video-sharing platform, announced the introduction of its first-ever NFT collection. The compilation debuted on October 6th, with headliner Lil Nas X of the United States.