Benzinga | Nov 4, 2021 01:05PM EDT

BTS Launching NFTS: Will They Be In Demand And 'Smooth Like Butter'?

One of the most popular bands in the world is joining the non-fungible token market with a new joint venture.

What Happened: Hybe, a South Korean agency, is partnering with Dunamu, on a joint venture that will bring NFTs of BTS to market.

Hybe is paying $423.1 million to acquire a 2.5% stake in Dunamu, which runs the cryptocurrency exchange Upbit. Dunamu will acquire a 5.6% stake in Hybe for $592.4 million.

The new joint venture will launch NFT photo cards that can be traded on Weverse, the fan-to-artist communication app from Hybe.

"Hybe's BTS NFTs will include moving images, voices of artists and more," Hybe CEO Si-Hyuk Bang said. "On top of that, global fans will be able to exchange their digital photo cards in virtual spaces."

Related Link: BTS Teams Up With Casetify To Launch Butter Accessories For iPhone, Nintendo Switch

Why It's Important: BTS is one of the most popular bands in the world with 60 million subscribers on YouTube and 34 million followers on Twitter Inc (NYSE:TWTR).

"Butter," a single from BTS, broke records this year with 3.9 million concurrent viewers for its premiere on YouTube. The video had over 108 million views in its first 24 hours - a K-pop group record.

"Butter" broke a Spotify Technology (NYSE:SPOT) record with 11 million global streams in 24 hours after its release. The band has seen their singles break records for chart-toppers, streams and video views.

BTS has also become a highly marketable band, even entering into a partnership with McDonald's Corp (NYSE:MCD) earlier this year for the BTS meal.

The NFTs could be well received by fans of the band and collectors.

Hybe plans to expand the BTS brand through NFTs, a video game and a "webtoon" business line.

Hybe will be launching a global girl group in a partnership with Universal Music Group and a boy band in Japan, according to the company.

Photo: I DARE U JK, via Wikimedia Commons