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South Korea-based internet giant Naver Corp. launched its non-fungible token (NFT) platform, NOW.Drops, with LINE NEXT on Wednesday. The platform will let K-pop music fans create customized NFTs.
Fast facts
- NOW.Drops allows users to mint NFTs of their favorite musical acts that they crop out of the exclusive content on NOW., Naver’s live audio and video streaming service that features South Korean artists.
- To mint and save the special clips of their favorite acts, users need to purchase “crystals” which can also be used to purchase other NFTs on the platform.
- NOW.Drops can be accessed through LINE’s e-wallet DOSI, which users can log into via social media accounts and make payments.
- At the launch, K-pop girl group NMIXX held an exclusive comeback showcase on NOW. and an NFT airdrop event on the newly opened platform.
- LINE NEXT is the NFT subsidiary of Tokyo-based mobile app giant LINE Corporation, which is owned by Naver and the Softbank Group.
- HYBE Co., Ltd., which manages K-pop’s BTS, is also setting up a U.S.-based music NFT platform with Dunamu, the operator of South Korea’s crypto exchange Upbit.