JYP Entertainment, home to popular groups like ITZY, Stray Kids, and TWICE, announced that it will enter a K-pop-based NFT platform business.
JYP made an announcement on July 2 that it has signed a strategic business partnership with Dunamu, which operates South Korea's No. 1 digital asset exchange called 'Upbit.' It will share platform business that develops, provides, and operates NFT-linked digital goods production, distribution, transaction, and a series of additional services centered on K-pop.
Dunamu is going to invest in acquiring JYP's shares and invest in establishing a new corporation for joint business with JYP. As a strategic investor, JYP is planning to provide IP (Intellectual Property) and contents as well as joint projects.
Meanwhile, JYP paid around 21.3 billion KRW (18.77 Million USD) to acquire a 23.3 percent stake in the SM Studios fandom-based platform 'DearU Bubble' on the 4th of last month. The company will be able to expand its business to various platforms business areas.
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Interesting. Didn't expect JYP Ent to enter the cryptocurrency and blockchain industry. Still, I can sort of see the value in it, especially if they're heading for NFT technology as a way to create and distribute unique digital goods / merchandise for their artists. NFT technology means that you own the absolutely unique, one-and-only copy of whatever it is you're buying. This is more of a merchandising / goods distribution platform rather than fan-communications platform unlike Bubble. Wonder what sort of joint projects JYP Ent is going to create with Upbit?
Could we have a digital gallery of TWICE's Chaeyoung's artwork to be auctioned off perhaps? Or maybe unsold songs composed by Day6 or Stray Kids? (Or, I suppose, your standard Kpop collectible merchandise like digital autographed photocards and stuff like that...)
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