JYP Entertainment To Establish A K-Pop Based NFT Platform Business
JYP Entertainment is entering the market of NFT platforms.
On July 2, it was revealed that JYP Entertainment had signed a strategic business partnership with Dunamu at the end of last month. Dunamu is the company that operates Upbit, South Korea’s No. 1 digital asset exchange. The partnership is designed to establish a platform business that will produce, distribute, and exchange NFT-related digital goods based on K-pop content, as well as develop, supply, and operate other additional services.
Dunamu has invested in JYP Entertainment through acquiring a portion of founder Park Jin Young’s shares in the company. Both Dunamu and JYP Entertainment will invest in the establishment of a joint company for their new partnership. As the strategic investor, JYP Entertainment will provide the management of the new joint company as well as various intellectual property (IP) and content.
JYP Entertainment stated, “JYP has artists who represent K-pop around the world as well as creative, expert content. Dunamu has the foundational technological skills such as blockchain and a global network. Through our collaboration and synergy, we will create added value through our NFT platform business.”
Last month, JYP Entertainment also acquired stakes in SM Entertainment’s DearU as part of the two agencies’ partnership in the ongoing development of the mobile platform “DearU bubble.”
NFTs stand for “non-fungible tokens” and use blockchain, the technology behind the development and exchange of modern cryptocurrency. NFTs can take the form of any digital content whose unique ownership can be purchased (although the content can still be available for others to view and copy).