JYP Entertainment to launch K-pop NFT platform

JYP Entertainment to launch K-pop NFT platform

JYP Entertainment have revealed their plans to enter the world of NFTs.

According to a report by Soompi, JYP Entertainment announced that it will enter into a partnership with Dunamu, the operator of South Korean cryptocurrency exchange Upbit, to produce and distribute NFT-linked digital goods. They will be launching a platform where the non-fungible tokens (NFTs) are distributed, and additional services will be developed and operated. 

The platform will be used to distribute K-pop content for JYP's roster of artists. JYP Entertainment currently houses notable acts such as  TWICE, 2 PM, Stray Kids, ITZY and Day6, as well as Japanese girl group NiziU.

“JYP has artists who represent K-pop around the world as well as creative, expert content,” JYP Entertaiment shares in a statement. “Dunamu has the foundational technological skills such as blockchain and a global network. Through our collaboration and synergy, we will create added value through our NFT platform business.”

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Using blockchain technology, NFTs are units of data stored and it exists as a unique digital asset. Because every NFTs is unique, it can be used to authenticate ownership of digital content such as video clips and digital files. It is similar to warranty certificates that come with luxury goods.