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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