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Metaverse: Hybe plans to create an NFT empire of celebrities

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Artist management agency Hybe, which announced its blockchain business last week, has confirmed it will include celebrities in its non-fungible token (NFT) metaverse marketplace.

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The agency, which manages artists such as K-pop group BTS and Justin Bieber, is partnering with Dunamu. Which is the country’s largest crypto-currency exchange, to develop a new platform for trading and selling NFTs.

The new NFT subsidiary should debut in the first half of next year. Last week, Hybe’s stock price rose 10 percent after its initial announcement and a partnership with a metaverse company. Like Krafton, maker of the PUBG video game, Hybe is expanding into all entertainment genres and formats.

In response to questions from Bloomberg, Hybe said, “As we prepare to enter the NFT business in a sustainable manner, we will be directly involved in its operation and implement fan-centric policies.”.

Hybe’s entry into the digital assets market coincides with the U.S. music industry’s search for new monetization methods following the Covid-19 pandemic which forced musicians to cancel tours. As part of its NFT ecosystem, the company will first use the intellectual property it possesses for its own artists and those affiliated with Hybe America, before extending it with the participation of other global stars, including some from the sports world.

Ariana Grande, J Balvin …

The South Korean company acquired Scooter Braun’s Ithaca Holdings earlier this year for $1.05 billion (S$1.42 billion). It now manages hit artists like Ariana Grande and J Balvin through its U.S. subsidiary.

“The NFT business aims to gradually expand digital services and products while maintaining its offline projects, Hybe said. “Online concerts cannot completely replace offline concerts and both can coexist,”.

“The main goal is to offer a wider variety of experiences and activities to fans around the world.”

Hybe, formerly known as Big Hit Entertainment, has evolved from a K-pop management agency to a technology platform company. In 2019, the company launched Weverse, an online fan community.

During the pandemic, Weverse helped Hybe generate tens of millions of dollars from live concerts by connecting fans with artists through its app. It was downloaded by 41 million users in 235 countries.

For MetaNews.

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Jonathan Hobbs

Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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