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South Korean Entertainment Company 'HYBE' To Work On Weverse & NFT After BTS's Group Hiatus Announcement
HYBE recently gave an update on its business plans after the announcement of BTS's group activity hiatus.
Ankita K.
10:48 29th Jun, 2022
NFTs

HYBE will continue to expand its businesses and concentrate on expanding its online platform business. HYBE's goal is to launch 'Weverse 2.0,' a fandom community platform that adds new services to Naver V Live and launch an NFT exchange with Dunamu.

According to industry sources, on June 27, HYBE is in the final stages of launching two new platforms in July. The first is 'Weverse 2.0,' which will be integrated with Naver's V Live and includes new functions. The second is an NFT exchange that is being prepared through a joint venture with Dunamu. An HYBE official explained, "We're aiming to launch the two platforms - Weverse's new service and the NFT platform with Dunamu - in July this year."

Weverse is a fan community platform operated by HYBE. However, the company plans to integrate Naver's fan community platform 'V Live.' Therefore, Weverse 2.0 will also include functions for live broadcasts along with new services. The new services include fans writing fan letters to the artists, fans creating and decorating their own space, and a communication function for fans to communicate with one another. HYBE plans to unveil this new service in July and will complete the integration by the end of this year.

The NFT exchange, which is being developed with Dunamu, is also aimed to be launched in July. HYBE and Dunamu established a joint venture in the United States earlier this year. Both companies are focusing on NFTs that will be distributed around the fandom community, not in the general crypto community. This means the company will produce a limited number of photo cards that are digitally recognized for their uniqueness and enable permanent collection.

In the long term, the agency's plan is to create a synergy between the two businesses. The strategy is to allow fans to collect, exchange, and exhibit their NFT collection on the global fan community platform Weverse.

It is also noteworthy that the company is securing global bases one after another to expand its Weverse and NFT businesses. It is predicted that business expansion will materialize mainly in the United States. HYBE is in the process of establishing 'Weverse US' in the United States. A joint venture with Dunamu was also established in the United States. There are also bases for artist-label businesses such as HYBE America and Ithaca Holdings.

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