New offering allows K-pop fans to engage with idols via distributed ledger technology

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Dunamu Inc, the holding company of Korean exchange Upbit and Hybe Co., Ltd, the managing agency of K-pop superstar BTS, is launching a digital collectibles platform for fans of South Korean popular music.

Both firms are turning towards distributed ledger technology (DLT) to build the platform and are releasing it under their Los Angeles joint venture known as LEVVELS Inc. Dubbed MOMENTICA, the platform has been hailed as a novel way to improve fan engagement levels while “pushing the boundaries of K-Pop fandom with unique collectible moments of favorite artists.”

In a press release, Ryan Jang, chief executive officer of LEVVELS Inc, noted that K-pop fans would be excited by the new offering as they have shown an affinity for exploring new means of communicating with their favorite bands.

“In celebration of their passion, we are excited to provide a new digital experience that enhances how the fandom celebrates the best moments of their favorite artists through technology,” said Jang. “Our aim is to always enhance the fan experience, and we will continue to update and expand our services while always maintaining a user-friendly and intuitive user interface (UI).”

The service allows users to collect and store rare digital collectibles of their favorite stars in a secure and easy-to-use platform. In the future, users of the platform will be able to personalize the collectibles to their taste and even trade them for real-life funds.

For exclusivity, unreleased moments of celebrities will be made available on the platform through the TAKE offering. The unique offer will allow users access to an Original or Special packet that includes the artist’s voice and autograph.

Digital collectibles are the future

Non-fungible tokens (NFTs) burst into the scene in 2021; since then, their use cases have ballooned. Perhaps the most popular use case for NFTs is in Web 3 gaming, allowing gamers to own in-game items for the first time, which they can trade for real money.

Land plots in the metaverse are essentially NFTs. New technology has found ubiquity in art as they connect digital artists to buyers without intermediaries like an art gallery. Last year, Beeple’s digital painting sold for a staggering $69 million at an auction, while collectibles like CryptoPunks and Bored Ape Yacht Club (BAYC) were sold for millions of dollars.

Despite the diversity of uses, the numbers around NFTs have failed to impress as transaction volumes and floor prices are a shadow of themselves, far from the highs of 2021.

Watch: The BSV Global Blockchain Convention panel, Music & Blockchain