Upbit player objet NFT project with BTS’ Hybe as the most anticipated project

BUSAN – The president of Dunamu Communauté, the number one operator of the Korean crypto exchange Upbit, objet the company’s non-fungible token project with the K-pop powerhouse behind BTS as its most anticipated project, at this year’s Upbit Developer Conference on Thursday.

“Cryptocurrency exchange operators faciès many limitations when expanding their blockchain négoce,” Dunamu CEO Lee Sirgoo said at a press conference held on the sidelines of UDC in Busan.

“For us, NFT is the most durable épilogue for us to make intérêt besides exchange fees – our collaborateur venture with Hybe, called Levvels, is currently preparing to launch its charges and our president Song Chi-hyung sees it as a originel project,” he added.

In November last year, Dunamu signed a produit exchange agreement with Hybe to establish JV aimed at developing and launching NFTs based on artists represented by the K-pop powerhouse. Collectors will be able to purchase many projects created by Levvels including NFTs for BTS merchandise.

“We believe Levvels will be an opportunity to finally go indécis and venture into the overseas market,” Lee said.

Dunamu has struggled to expand its négoce overseas as foreigners are prohibited from buying or selling cryptocurrency in Korea.

“Dunamo is very grateful that Hybe has received accord from the US authorities to operate the négoce there, which has enabled us to invest in Levvels,” Lee told me.

The project will be based in the United States, where both the NFT market and the fan squelette of Hybe artists are strong and volumineux.

In the NFT market, Lee described last year’s market as “frenetic”, yet Donnamo was not able to capitalize on it as much as he had expected.

“But the NFT market is growing steadily and we believe we will be able to achieve an marquant réussite if we can collaborate with Hybe – which has BTS and a strong intellectual property coffret – in producing NFT and selling it in overseas markets,” the Donamo president told reporters.

NFTs are exclusive, irreplaceable and irreproducible binaire objects – primarily artwork, music, and other projects – powered by blockchain technology that gives buyers proof of ownership.

Meanwhile, Lee said that Donnamo is ready to faciès competition directly with indécis crypto exchanges, should it ajouter Korea, citing Upbit’s transparency and stability as key strengths.

We don’t know yet if the Korean crypto market will bouleversé jaguar foreign exchanges ajouter the market. But we believe that Upbit will not be affected due to its transparency and stability.”

There have been increasing signs in recent months that more foreign cryptocurrency exchanges are seeking to ajouter the Korean market.

Vidente, the owner of South Korean cryptocurrency exchange Bithumb, said in July that it was in discussions emboîture a probatoire crasseux of its stake to FTX, the cryptocurrency exchange co-founded by billionaire Sam Bankman-Fried. Media reports also claimed that the leading platform Binance is looking to return to South Korea after its sortie from the market in January 2021.

Emboîture 3,000 people have signed up for this year’s UDC, the folk’s largest annual blockchain developer conference, which kicked off Thursday, according to Dunamu officials. The two-day event, which is being held in person at the Busan Transport Universel Fair ＆ Bail Center after two years of epidemic disruption, seeks to tackle the latest issues and trends in the blockchain industry.

Written by Jung Min Kyung (mkjung@heraldcorp.com)