2021 has seen a fundamental shift in the music industry thanks to the introduction of NFTs. Several musicians including Kings of Leon, Shawn Mendes, Grimes, and Ja Rule to name a few, have taken the dive into the non-fungible token industry.
These NFTs have made it possible for musicians to connect with fans like never before, and for fans to own a digital asset with real value.
So, it’s no surprise that yet another big name is diving into the blockchain with the launch of its own NFT. That’s BTS, a K-pop sensation.
BTS Dives Into NFTs
K-pop is a term used to describe the most popular style of music in South Korea. So popular in fact, that the genre is seen as a piece of culture in the country.
The appeal of NFTs for the group is clear. These digital assets not only give the band a better way to connect with its audience while giving its audience a real, valuable, asset they can own, they provide the artists with a layer of protection.
Over the past decade, the music industry has been combating piracy like never before. That’s one of the things that makes NFTs so appealing to musicians. They come with validation, meaning that it is impossible for pirates to sell any version of these collectibles.
About the BTS NFT Drop
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The coming BTS collection is the result of a collaboration between Hybe Co. and Dunamu. Hybe is the managing agency for BTS and Dunamu is the parent company of South Korea’s largest crypto exchange. As part of the deal, Hybe purchased a $423 million stake in Dunamu and plans to issue $592 million shares of its stock to Dunamu.
Through the partnership, photo cards of BTS band members will be released on Upbit. Upon the release, fans of the band will be able to share and enjoy their collectibles in virtual spaces. Physical versions of the cards will come with the NFTs, also being printed in limited quantities, giving fans the ability to purchase, collect, and trade their collectibles in both the real world and the metaverse.
In a statement, Bang Si-hyuk, founder of Hybe, had the following to offer:
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.
Hybe Is Already Looking Ahead
While the first project out of the partnership will feature a lineup of NFT and physical trading cards, the duo doesn’t plan on stopping at its first project. The two companies will also work to launch web cartoons and novels that are expected to feature the original stories of BTS band members, giving fans the ability to learn more about the stars.
The company’s also looking to launch a new game, one that’s currently in development with direct input from band members. While there hasn’t been much released about the game, we do know that it will feature BTS band members and it’s expected to drop next year. Considering the crypto-centric nature of the partnership, I’m expecting for it to incorporate BTS NFTs as well.
We’re Just Seeing the Beginning of NFT Adoption in Music
As mentioned in the beginning of this article, NFT adoption is blowing up on the music scene. Massive names have thrown their hats in the ring, turning celebrity stardome into NFT stardome. However, it’s important to keep in mind that this technology is still in its infancy.
At the moment, it’s like the cave man finding out that banging two rocks together made a spark. The implications of the technology are incredible, but we’ve only scratched the surface on what those implications might be.
Musicians far and wide are starting to see the benefits of getting involved in the NFT space, and as the space evolves, we’re only going to see more adoption among the stars.
The Bottom Line
The bottom line here is simple. NFTs and the blockchain have the potential to change the way we enjoy our favorite content, and big names are starting to realize that!