Entertainment gurus to invest in NFTs, metaverse

Asia's Tech News Daily

Entertainment gurus to invest in NFTs, metaverse

HYBE Chairman Bang Si-hyuk, left, and Dunamu Chairman Song Chi-hyung talk about their plans for business collaboration in the non-fungible token sector on YouTube on Nov. 5. Screen-captured from HYBE YouTube

By Kim Jae-heun

High-profile entertainment companies are expanding their businesses into the metaverse and non-fungible token (NFT) sectors by investing in firms with related technologies and services. This shows their drives to create synergy between their main businesses and the developing sectors while increasing their corporate value.

Last year, HYBE, JYP Entertainment and YG Entertainment have all invested in Naver Z, operator of Zepeto, Korea’s leading metaverse platform. HYBE spent the most among three by purchasing a 4.26 percent stake in the firm for 7 billion won ($5.86 million).

HYBE also spent 4 billion won on Giant Step, an artificial intelligence-based content solution company, while securing 2.48 percent of Dunamu for 500 billion won through a share swap agreement. YG Entertainment’s YG Investment achieved an operating profit of 8 billion won in the third quarter of this year through the sale of Maxst, an augmented reality company.

JYP Entertainment and SM Entertainment established a joint venture called BLC that specializes in online music concerts in August. The two talent agencies have been investing in Naver Z and DearU, a fan communication platform business, and the value of their 21.2 percent stake in DearU has soared to 325.6 billion won after the successful listing. BLC invested 21.4 billion won in DearU.

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