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Dunamu looks to K-pop group BTS NFTs to beat ‘Crypto Winter’

·1-min read

Dunamu Inc., the mother company of South Korea’s largest crypto exchange Upbit, will focus its future endeavors on Levvels, its Los Angeles-based non-fungible token (NFT) joint venture with Hybe Co., Ltd., the entertainment agency behind K-pop group BTS.

See related article: Dunamu’s NFT venture with BTS’s HYBE to launch services later this year

Fast facts

  • Song Chi-hyung, the founder and chairman of Dunamu, said at Thursday’s Upbit Developer Conference 2022 (UDC 2022) event that Dunamu will strengthen and drive its business forward with three core services: Upbit crypto exchange, Upbit NFT exchange and Levvels.

  • Song added that the driving force to overcome the “Crypto Winter” is different applications of blockchain and crypto such as decentralized finance (DeFi), NFTs and play-to-earn (P2E), according to local media reports.

  • Lee Sir-goo, Dunamu’s chief executive officer, also said at the same event that he is most invested in the launch of Levvels; Lee sees Levvels as an opportunity for Dunamu to expand overseas.

  • Levvels is expected to offer services related to NFTs based on the intellectual property (IP) of K-pop artists. HYBE currently manages high-profile K-pop acts such as BTS, Le Sserafim and ENHYPEN.

  • Dunamu and HYBE own 65% and 35% of Levvels, respectively.

See related article: Naver and LINE launch NFT platform for K-pop fans