BTS Agency Hybe to Set Up Joint Venture on NFTs with Korean Crypto Exchange Upbit

BTS Agency Hybe to Set Up Joint Venture on NFTs with Korean Crypto Exchange Upbit
Hybe, the agency behind K-pop band BTS, and Dunamu, the operator of crypto exchange Upbit, have agreed to set up a joint venture to work on non-fungible tokens (NFTs), according to a regulatory filing on Wednesday.The two companies will exchange shares through a third-party allotment capital increase, according to the announcement. Hybe will acquire a 2.5% stake in Dunamu worth KRW 500 billion ($423 million), while Dunamu will buy KRW 700 billion of newly issued Hybe shares, which represent a 5.6% stake in the music agency.The joint venture will create NFT photocards related to the K-pop stars, which will eventually…