It will be used to distribute content by JYP artists, potentially including groups like TWICE and Stray Kids
JYP Entertainment has unveils plans to launch an NFT platform to produce and distribute NFTs (non-fungible tokens) based on K-pop content.
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On July 2, JYP Entertainment announced that it has partnered up with Dunamu, the operator of South Korean cryptocurrency exchange Upbit, to produce and distribute NFT-linked digital goods. According to Aju Business Daily, they will launch a platform through which other additional services will be developed and operated.
The platform will reportedly be used to distribute K-pop content for JYP artists. The company’s current active slate of artists include South Korean K-pop acts like TWICE, Stray Kids, Day6, ITZY and 2PM, as well as the Japan-based girl group NiziU.
“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,” state the agency, per Soompi. “Through our collaboration and synergy, we will create added value through our NFT platform business.”
NFTs are units of data stored using blockchain technology. Each NFT exists as a unique digital asset. They can take the form of any digital content whose unique ownership can be purchased, effectively giving buyers the rights to the content.
In other news, girl group TWICE recently released their latest Japanese-language single ‘Perfect World’. The new single is from their upcoming album of the same name, which is set to release on July 28.
The girl group also made their domestic return with their 10th mini album ‘Taste of Love’ last month, featuring the title track ‘Alcohol-Free’. The record debuted at number 6 on the Billboard 200 chart for the week ending June 17, making them the second-ever K-pop girl group after BLACKPINK to score a top 10 entry on the chart.