JYP works with blockchain company to launch K-pop-based NFT platform business

Lim Chang-won Reporter() | Posted : July 1, 2021, 17:14 | Updated : July 1, 2021, 17:14

[YouTube/JYP Entertainment]

SEOUL -- JYP Entertainment, a major K-pop powerhouse in South Korea, joined hands with a domestic blockchain company to launch a non-fungible token platform business that utilizes the intellectual property of JYP artists.

JYP said it has signed a strategic business alliance with Dunamu, the operator of South Korea's major cryptocurrency exchange Upbit, to produce and distribute NFT-linked digital goods while working for a platform business that develops and operates additional services. Dunamu will acquire JYP's old shares and establish a new corporation for joint business.

A non-fungible token (NFT) is a unit of data stored on a blockchain network of interlinked virtual ledgers. It is similar to warranty certificates that come with luxury goods. Each NFT is certified by a blockchain as a unique digital asset that is not interchangeable. NFT can be used to represent different types of digital media such as video clips and digital files.

A COVID-19 pandemic has caused a slump in South Korea's performing arts industry. Almost all offline performances have been canceled. Only a small number of popular artists earned income through online concerts while many other artists remain inactive or find new jobs.

In May, South Korea's leading telecom company KT formed a consortium with Gyeonggi Province to develop a blockchain-based media platform using NFT technology that would help artists make a profit and claim rights to their content. Gyeonggi operates an online concert service to help artists, but it is hard to protect their intellectual property and content ownership.
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