Main South Korean document label HYBE has shuttered its blockchain mission Binary Korea lower than three years after launch resulting from poor monetary efficiency.
The Seoul-based subsidiary will merge with HYBE. In the meantime, the mother or father firm will deal with the leisure aspect of enterprise, particularly artist administration.
According to AlphaBiz, HYBE acknowledged that the aim of this merger is to “improve administration effectivity.”
The report additional alleges that Binary Korea has been fairly unprofitable. It reportedly generated solely KRW 468,441 ($318) in 2023 and a internet lack of KRW 4.28 billion ($2.9 million).
HYBE is dwelling to huge Okay-pop teams, together with BTS, TXT, ENHYPEN, SEVENTEEN, LE SSERAFIM, and extra.
Binary Korea is a subsidiary of HYBE that has aimed to supply novel companies by means of the merger of leisure and blockchain, boosting fan expertise. It centered on exploring the utilization of blockchain within the leisure sector.
According to News1, Hive holds an 85.19% stake within the subsidiary, whereas the blockchain VC Hashed and Binary CEO Kim Seong-min maintain the remaining.
Moreover, Binary Korea launched a fandom platform THEUS with Korean digital leisure firm Sandbox Community in 2022. It failed to provide outcomes.
Nevertheless, per the newest adjustments on Namuwiki, Binary Korea launched in July 2022 and closed on 27 March 2025.
With all this, per the native media, evidently one of many largest Okay-pop corporations has failed in its tech enlargement and is now shifting away from it.
NFT Growth Fails
Because the non-fungible token (NFT) sector flourished in 2021, HYBE started the transfer into this house, exchanging shares with crypto change Upbit operator Dunamu. The 2 established a three way partnership Levvels in the USA. Nevertheless, the enterprise suffered losses.
Whereas it continues working, News1 quoted “an trade insider aware of the matter” saying that “the NFT platform ‘Momentica’ that was launched by Levvels with Hive IP is the truth is in a state of no efficiency.” They argued that “it is going to be troublesome to proceed the identical service except the service is totally modified.”
Notably, thousands and thousands of followers of HYBE’s teams closely criticized the corporate’s NFT strikes. On the one hand, they argued that HYBE must deal with its artists extra. Then again, they criticized the environmental influence.
In the meantime, in September 2024, HYBE introduced that Binary Korea partnered with Coinbase, the world’s most respected cryptocurrency firm, to work collectively on creating Binary’s Onchain Engagement Protocol, an progressive creator enablement platform that harnesses the ability of AI and blockchain expertise.
Initially set to launch in 2025, the platform would make the most of the Coinbase Developer Platform and Base blockchain to “join creators with sources wanted to assist facilitate funds between followers and creators.”
Based on News1, “Hive’s place is that nothing has been fully determined but. In addition they implied that they don’t seem to be fully giving up on the blockchain enterprise.”
The publish K-pop Giant and BTS Label HYBE Abandons Blockchain Project appeared first on Cryptonews.
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