Both JYP Entertainment & Dunamu Cancel Partnership On NFT Joint Venture!
Why did JYP Entertainment and fintech company Dunamu terminate their joint NFT Venture agreement? Find out here.
Previously in July 2021, both Dunamu and JYP Entertainment announced that they would be partnering to launch a K-pop-based NFT platform. With their deal, Dunamu notably acquired a 2.5% stake in JYP Entertainment to the surprise of many. Why was it canceled?
Just recently, both JYP Entertainment and Dunamu have mutually agreed to cancel their agreement on establishing a joint venture for the creation of NFTs. NFTs, or non-fungible tokens, are non-interchangeable units of data stored on a blockchain, a form of digital ledger, that can be sold.
As per recent exclusive reports, JYP Entertainment and Dunamu have both agreed to cancel their 2021 agreement to start a joint venture focusing on NFTs. Furthermore, Dunamu also shared a statement regarding the cancellation of the partnership with JYP Entertainment.
A spokesperson from Dunamu personally announced:
"Dunamu and JYP Entertainment planned to establish a joint venture for the NFT business, but at this moment, we have decided to terminate our business contract with each other after mutual agreement.
We have agreed to continuously seek opportunities for collaboration with each other in various other ways."
As of writing this article, Dunamu still has a 2.5% stake in JYP Entertainment, and it is still not sure whether or not the fintech company will hold the stake or sell it.
Stay tuned for more news and updates regarding JYP Entertainment and other entertainment labels!