HYBE held their corporate briefing 2021 Briefing With The Community via live broadcast for fans to attend. It included lots of updates about the company’s future plans, involving current groups such as BTS, TXT, and ENHYPEN, as well as a future boy group and girl group.
While fans were excited about most of the updates, particularly those involving their favorite groups’ new Naver Webtoons, some news left fans concerned. And, we’re not referring to the possibility that the groups might discover fanfictions on Wattpad.
During the live broadcast, Bang Si Hyuk (also known as Bang PD and Hitman Bang) announced that HYBE would be getting into blockchain technology. He shared that HYBE is passionate about innovating and developing an even greater fan experience.
If all we’re trying to do is recreate past experiences online, we can’t call it innovation. The ‘new and innovative fan experience’ that will unfold in HYBE will include future experiences that fans have yet to experience but which they need most of all. Just as the release of WEVERSE has enabled real-time communication and connection between artists and fans, we hope to once again create a synergy between the music industry and new technologies so that fans can experience the future firsthand.
— Bang Si Hyuk
He sees an opportunity in the hot topic of cryptocurrency. So, HYBE is partnering with a company whose focus is on innovative technology.
After a deep contemplation, we have found a partner company that supports HYBE’s vision and the values that HYBE cherishes, and through a joint venture established under a strategic partnership will create businesses that will soon become reality.
— Bang Si Hyuk
HYBE’s new partner, Song Chi Hyung, Chairman of Dunamu Board of Directors, introduced himself as an “entrepreneur who dreams of industrial innovation, just like Chairman Bang Si Hyuk.” He emphasized a shared vision as the HYBE’s event theme was “boundless.” He claimed it was a word that “aptly represents the values that the Dunamu has been pursuing as well.”
For those unfamiliar with Dunamu, the chairman explained the company’s mission. They focus on uniting finance with technology.
We are a fintech company that pursues innovation through the meeting of finance and technology. Our company name ‘Dunamu’ also means the adjoining of two big tree trunks: finance and technology. I wanted to talk about our company for those of you who may not be familiar with the name.
— Song Chi Hyung
He gave examples of some of their current operations, many focusing on blockchain technology and stocks.
First, we operate ‘Upbit,’ a digital asset exchange based on blockchain technology. With the goal of creating an ‘industry standard’ for blockchain and fintech, we also operate the Digital Asset Standard Index service which allows users to check the overall flow of the digital asset market, Securities Plus, which helps users to check stock information and link trades in regardless of the brokerage firm, and Securities Plus Unlisted, which innovatively improves unlisted stock trading.
— Song Chi Hyung
So, what exactly do a music company and a digital finance company have to do with each other? Bang Si Huk explained that they plan to partner together to develop an NFT business under a new joint venture. It will allow artists’ IP-based content to become digital assets for fans.
The hot topic of this year’s fintech industry is definitely NFTs, or non-fungible tokens. I think the word ‘irreplaceable’ was used in one of the BTS’s songs. Irreplaceable, meaning something that is unique and one of a kind.
— Song Chi Hyung
Song Chi Hyung explained in detail about NFT. Basically, it will eliminate any possibility of “counterfeit products.”
You can think of an NFT as an irreplaceable digital asset that can be safely and reliably verified so that anyone can trust that there is only one in the world. Such digital assets are created when specific digital content or products are given a unique value through blockchain technology. This value becomes truly manifest when combined with areas where intangible assets are important, such as the games, arts, and entertainment industries, which are brought to life through creative activities. This is because it is a technology that eliminates the counterfeit products that have been prevalent in the past, leaving only the authentic, and gives legitimate benefits to the only people who have created unique value and the customers who have discovered and have given their support to that value.
— Song Chi Hyung
Though fans are hesitant to welcome this new “product,” Bang Si Hyuk and Song Chi Hyung believe they’re ready for it.
We are already seeing concrete results, especially in the arts industry, and I believe that the fandom culture and industry itself are maturing to the level where HYBE’s artist IP-based content and products that the HYBE showcases are now at a sufficient stage to be transformed into digital assets through these technologies.
— Song Chi Hyung
Bang Si Hyuk then explained their plan for NFTs even simpler. He brought out one of the most recognizable pieces of merchandise for fans other than albums: photocards.
To make it easier for you to understand, I’ve brought something that has a special meaning to our fans: the photo cards that fans collect. Some of you may be familiar with them, and some of you may be surprised by their existence. In addition to their appearances on stage and in music videos, these photo cards are a kind of behind-the-scenes images that capture the various charms and moments of the artists.
— Bang Si Hyuk
He introduced the potential for digital photocards. It will be much more than just a cute behind-the-scenes selfie. Instead, it’ll give an extra interactive experience as it may include moving images and audio.
Many fans explore ways to keep for a long time, and since they are released in limited quantities, they are sometimes exchanged among fans. We are working with Dunamu to create a way to expand the fan experience more diversely and securely, such as digitally authenticating the uniqueness of these photo cards and making them permanent, but also allowing them to be collected, exchanged, and displayed in a global fan community platform like WEVERSE. Instead of a single frame photo, it can be turned into a digital photo card with moving images and sound.
— Bang Si Hyuk
In some ways, the concept sounds familiar. For years, QR codes were included with the purchase of BTS albums, giving ARMY an additional “freebie.” For example, after scanning the code, ARMY would receive a short video of a member saying, “Thank you.”
