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<ul><li>From concert tickets, learning the language, albums, and photo books, to online or in-person meet-and-greets, K-pop fans leave no stone unturned in immersing themselves in their idols’ culture.</li><li>Now, with <keyword id="10879114" type="General" weightage="20" keywordseo="Non-fungible-Tokens" source="Orion">Non-fungible Tokens</keyword> (NFTs), owning a special item is always going to be attractive to all dedicated fans.</li><li>K-pop fans, brand experts and NFT marketplaces tell us all you need to know about the oncoming wave of K-pop NFTs.</li></ul>It was in 2012 that Korean Singer Park Jae-sang’s (PSY) song ‘Gangnam Style’ took the world by storm, became the <a href="https://www.usatoday.com/story/entertainment/music/2019/12/20/youtube-most-viewed-music-videos-from-gangnam-style-to-despacito/2702463001/">most </a>streamed song on YouTube and what followed was the birth of the South Korean Wave or Hallyu in India. <div type="image" title="Gangnam style gif" msid="90628215" hostid="261"></div> This global phenomenon was later driven by music, movies, and dramas, which further rose to popularity in India during the <a href="https://www.aljazeera.com/economy/2021/9/15/k-craze-korean-dramas-and-culture-are-taking-india-by-storm">lockdown</a>. For most fans, the affair with South Korean culture began with Korean popular music (K-pop) and its biggest bands such as Bangtan Sonyeondan (BTS), Blackpink, MonsterX, iKon, Big Bang, Twice, and Red Velvet. Slowly, the fondness expanded to the food they ate, the language they spoke, the make-up and jewellery they wore, and a highly enthusiastic, loyal and active fandom was born. As per research and analytics firm <a href="https://www.statista.com/statistics/956032/south-korea-kpop-popularity-in-india/">Statista’s </a>recently conducted survey in India between the ages of 15 and 59 years who had experienced South Korean cultural content, K-pop was considered to be very popular by 34.4% of respondents. Statista’s another <a href="https://www.statista.com/topics/5098/music-industry-in-south-korea/#:~:text=All%20in%20all%2C%20the%20South,to%20become%20a%20global%20phenomenon.">report </a>on Korean culture said that the South Korean music industry achieved an all-time high sales revenue of over ₩6.8 trillion in 2019, as well as an export value of over $756 million, <a href="https://www.washingtonpost.com/business/2020/01/30/bts-kpop-bighitentertainment/">which accounts for a sizeable 0.3% contribution to South Korea’s GDP</a>. The same survey found that the <a href="https://www.statista.com/statistics/937260/south-korea-reasons-for-kpop-popularity-worldwide/">main reason for its popularity</a> were the catchy rhythms and choruses. Indian digital content creator, Radhika Bangia, who often dresses up as her favourite Korean characters on Instagram, is followed by 1.6 million people. Her bio, “Crash landing on K-dramas”, explicitly declares her love for the Korean culture to the world. It was her Korean best friend in New Zealand who introduced her to K-pop. Bangia got really hooked on to the music when Boy With Luv, a BTS song, came out and in the world of K-drama, it was Boys Over Flowers for her. She says that she has been surprised at the speed which K-Pop and K-drama have grown in India. “K-Pop/K-Drama is mainly a love-it or hate-it affair (even though it’s so catchy I’m not sure how you can hate it). It’s so much fun to meet and interact with other K-Pop/K-Drama fans and see their enthusiasm for it,” says Bangia in an emailed reply to Business Insider. Why Indian advertisers need to take K-pop fandom more seriously Fans of K-drama and K-pop have created various groups on Facebook, <a href="https://www.reddit.com/r/kpop/">Reddit</a>, Telegram, Clubhouse, where they bond over their shared love for South Korean culture. Their loyalty for their favourite stars is most apparent in the <a href="https://www.d8aspring.com/eye-on-asia/the-power-of-k-pop-groups-in-endorsement-deals">rise </a>of K-Pop Twitter fancams, record-breaking YouTube streams, and sold-out concerts and merchandise. As per Southeast Asian e-commerce aggregator, iPrice Group, a devoted member of the BTS army across Southeast Asian countries, must have <a href="https://iprice.ph/trends/insights/how-much-money-do-kpop-fans-spend-on-their-idols/">spent </a>an average of $1,422, which is equivalent to buying an iPhone 12 Pro. This average purchase includes at least 15 studio albums, five concerts and numerous merchandise. <div type="image" title="k-pop" msid="90628210" hostid="261"></div> Fans of K-pop across South Asian countries and globe, do not shy away from spending money to support their idols. It is a quality that brands look for in their ambassadors -- the ability to start a conversation among a huge fan following and their social currency. BTS followers are also one of the major representatives of the <a href="https://www.bloomberg.com/news/features/2020-10-28/bts-k-pop-stans-are-fighting-qanon-and-maga-on-social-media?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-businessweek&amp;utm_content=businessweek">online “stan” culture,</a> where super fans use different online channels, especially social media, to continuously promote and defend their idols. According to <a href="https://www.rollingstone.com/music/music-news/bts-twitter-account-mentions-fans-1128480/">Twitter</a>, BTS has been the most-tweeted-about band on Twitter for four consecutive years. However, in India, only multinational food chain McDonald’s has tried to leverage on this huge stan culture. Last year in April, McDonald’s launched the BTS Meal across 11 countries in Asia, including India. The internet <a href="https://www.campaignasia.com/article/bts-campaign-in-asia-has-been-phenomenal-mcdonalds-asia-marketer/469926">exploded </a>with messages from ARMY, fans of BTS, and McDonald’s. Apart from that, we have only seen international collaborations such as Samsung, Coke and Hyundai with BTS. Telling us why Indian brands have failed to jump in the whirl of Hallyu, Lloyd Mathias, business strategist and marketing expert, says, “Indian brands have yet to tap into the immense potential of K-Pop as a marketing tool, partially because of the inability of marketers to fully comprehend the phenomenon and more specifically as Indian brands will have to enter into specific licensing arrangements with them. For global brands like Coke and McDonald’s and Korean brands like Hyundai and Samsung, this clearly poses no problems.” K-drama fan Bangia was thrilled at the idea of two cultures coming together. “I would personally love to see some Indian brands collaborating with BTS or BlackPink. I think the mixing of cultures would be cool to see!” While Indian fans are getting their dose with international collaborations and the merchandise available online, the unconditional love that ARMY and various K-pop fans extend, offer an immense potential for brands in bringing in new consumers. Anjali Malthankar, national strategy director at digital advertising agency Tonic Worldwide, says, “Indian brands are treating K-pop as topical content, but there is a big opportunity for Indian brands to ride the wave and appeal to the K-pop fanbase. What fans in India would want, is to be as close to the K-pop stars as possible, and to have access to them. In fact, that’s what K-pop has cracked on social media. They know what their fans want and the whole model is about giving power to the fans to make their favorite stars more popular. I feel, a live concert, physical or virtual/experiential can be a big platform for Indian brands to participate.” On the other hand, founder and chief executive officer (CEO) of blockchain analytics company bitsCrunch, Vijay Pravin Maharajan points out that it would be unfair to say that Indian brands have failed to capitalise on its popularity as there are so many different opportunities for brands to draw in audiences. “It is important to remember that, like South Korea, India is home to a thriving local entertainment industry and is a melting pot for entertainment worldwide. Even among those who were favourable to K-pop, there are certainly other genres and industries they engage with. It is highly unlikely that the average Indian K-pop fan engages exclusively with the genre. Indian brands are likely to go with local entertainment and artists, of which there is an almost continuous supply,” says Maharajan. Can NFTs be a place where fans get their due? Any fan is not just a spectator or silent admirer of art, they are active stakeholders who go out of their way to support their idols. From concert tickets, learning the language, buying albums, and creating photo books, to online or in-person meet-and-greets, K-pop and K-drama fans leave no stone unturned in <a href="https://homegrown.co.in/article/803152/merchandise-events-more-a-guide-to-everything-k-pop-in-india">immersing </a>themselves in their idols’ culture. And Non-fungible tokens (NFTs) are pushed toward heavily engaged fandom. Apart from <a href="https://www.verizon.com/business/small-business-essentials/resources/beliebers-why-care-231604811/">Beliebers</a>, <a href="https://fandomwire.com/popular-actors-who-are-bigger-potterheads-than-you/">Potterheads</a>, <a href="https://www.diggitmagazine.com/articles/taylor-swift-and-story-swifties-fandom">Swifties </a>and fans who form a beeline diligently in front of Amitabh Bachchan and Shahrukh Khan’s bungalows in Mumbai, K-pop and K-drama lovers are amongst the biggest communities. With K-pop NFTs, fans can own a special collectible item that would stay with them forever, even transfer onto different clouds. It would get them an opportunity to support their artist directly, flaunt their fandom and become a part of the larger community. So, can K-pop NFTs be the next big wave in the growth of Korean culture in India? Brand guru Mathias says yes. “I believe NFT can help take this to the next level given that many can now ‘own’ part of the phenomenon in the metaverse.” Korean culture has successfully built a sense of connectivity and relativity with the Indian masses, owing to the commonality of culture in terms of food habits, manners, and behaviour. With NFTs, fans of these two cultures can support their favourite artists. Ramkumar Subramaniam, CEO and cofounder of no-code NFT platform GuardianLink, says, “With the rise of NFTs aided by the popularity digital currency and assets have garnered, especially in the entertainment and art fields, even the globally famous South-Korean band, BTS, entered the red-hot NFT space in November. Given that India is rapidly adopting NFTs as a way of building connect with their favourite artists, NFTs are anticipated to be the next big thing fuelling Korean culture’s penetration in India.” Sai Krishna VK, founder of visual tech company Scapic, who is also known for his content around crypto and investment, says, “NFTs intrinsically capture value that fandom has always had, the only difference is that this value is now a direct relationship and with ownership too, in some cases. Industries like K-pop will be among the biggest to benefit from this as the chance to interact, engage and be closer to the stars you idolise is the sort of technology product that was simply not possible before this.” The initial buzz around the world of NFT was by crypto investors. They finally found a medium to spend their digital money on. Now, from <a href="https://timesofindia.indiatimes.com/entertainment/telugu/movies/news/prabhas-posters-from-radhe-shyam-to-be-available-as-nfts/articleshow/90054402.cms">Prabhas </a>fans to K-pop, NFTs are attracting more diverse audiences and fandoms. Finfluencer Neha Nagar has been talking about the growth of NFT and crypto in India. She thinks that the introduction of K-pop NFTs to India will give a push to both Korean culture and NFT’s adoption. “K-pop fans are a very strong community, now every K-pop fan will be forced to think about NFTs, which will lead some of them to actually buy those NFTs for the sake of love for their k-pop stars. K-pop fans already have spent on merchandise and tickets to support their stars. Owning k-pop, NFTs will now be called ‘a proof of being a k-pop fan,’ especially genZ will get more attracted to NFTs now, which will push the NFT craze to next level. This is going to be quite exciting!” Maharajan of bitsCrunch says, “With the growing popularity of K-pop in India, moving the production of music videos to the digital realm may be the way of the future.” While K-pop fans are voicing their <a href="https://www.theatlantic.com/technology/archive/2021/12/nft-kpop-environmental-problems/621091/">concerns </a>over carbon-torching NFT, various <a href="https://www.businessinsider.in/cryptocurrency/news/binance-and-the-record-label-behind-k-pop-sensation-blackpink-will-work-on-creating-eco-friendly-nfts/articleshow/89435868.cms">labels </a>have started working on launching greener NFTs. Bangia is optimistic that K-pop fans will accept NFTs that support their favorite artists, “but my personal hope is that we can find a way to minimise the amount of energy that blockchain requires,” she adds. K-pop has been able to make international inroads in recent years and now with the arrival of various K-pop NFTs, the future of hallyu in India looks <a href="https://youtu.be/gdZLi9oWNZg">Dynamite</a>!

NFTs may finally leverage India's fandom for Korean drama and music, which Indian brands have failed to cash in on

<ul class="summary-list"><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> exchange <keyword id="11896045" type="UNKNOWN" weightage="60" keywordseo="binance" source="Orion">Binance</keyword> said it will collaborate on <keyword id="11902216" type="UNKNOWN" weightage="60" keywordseo="blockchain" source="Orion">blockchain</keyword> projects with South Korea's YG Entertainment. </li><li>Binance said NFTs will be created under an eco-friendly system, a move addressing environmental concerns. </li><li>YG's artists include the popular <keyword id="12048096" type="UNKNOWN" weightage="60" keywordseo="k-pop" source="Orion">K-Pop</keyword> groups <keyword id="13131456" type="UNKNOWN" weightage="60" keywordseo="blackpink" source="Orion">Blackpink</keyword> and Big Bang. </li></ul>Binance, the world's largest cryptocurrency exchange, will collaborate on blockchain projects with YG Entertainment, the South Korean K-Pop record label behind Blackpink, Big Bang, and other popular artists, the company said late Monday. The strategic partnership will include non-fungible tokens, or NFTs, which Binance said will be developed with sustainability in mind, a move that <a href="https://www.businessinsider.com/personal-finance/proof-of-stake-vs-proof-of-work">underscores environmental concerns</a> usually associated with <keyword id="12068706" type="UNKNOWN" weightage="60" keywordseo="digital-assets" source="Orion">digital assets</keyword>."Binance will be working closely with YG to create an eco-friendly ecosystem for NFTs. YG is a global entertainment corporation with global influence, and we believe that it is important to promote the use of sustainable blockchain platforms," <a href="https://www.prnewswire.com/news-releases/binance-announces-strategic-partnership-with-yg-entertainment-301476580.html">Binance said in a statement</a> outlining its memorandum of understanding with YG. Financial details of the partnership were not included. Binance will provide the <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> platform and technology infrastructure and YG — whose groups also include iKON, Treasure and Winner — will supply NFT content and gaming assets, with YG working to extend its growth in the NFT market. The Binance NFT platform uses the PoSA, or Proof of Staked Authority, network, which Binance said is a consensus agreement protocol that is more eco-friendly and energy-efficient than <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>. "Creating NFTs in an eco-friendly way is one of the considerations that Binance and YG emphasize during the collaboration," said Binance. Grammy-nominated K-Pop boy band BTS in December moved ahead with plans to <a href="https://markets.businessinsider.com/news/currencies/bts-nft-crypto-kpop-after-agency-signs-deal-korea-exchange-2021-11?utm_medium=ingest&amp;utm_source=markets">produce NFTs </a>despite immense public backlash because of environmental concerns. "We believe NFTs have the potential for expansion and hope they will provide fans with more varied experiences and opportunities to express themselves," John Kim, project lead of HybeAmerica that oversees the NFT business, <a href="https://markets.businessinsider.com/news/currencies/bts-nft-crypto-photocard-hybe-dunamu-backlash-non-fungible-token-2021-12">told The Wall Street Journal. </a>Binance and YG also plan to develop Binance Smart Chain-based games, build metaverse assets, and "actively pursue" various digital asset opportunities. YG has "immense potential" to develop digital assets using their intellectual property rights, said the statement. Blackpink and BTS are part of the so-called Korean Wave of mega-growth in the popularity of Korean entertainment and culture. Blackpink's "How You Like That" dance video this week <a href="https://www.youtube.com/watch?v=32si5cfrCNc&amp;t=11s">surpassed 1 billion views on YouTube</a>, according to <a href="https://www.billboard.com/music/pop/blackpink-how-you-like-that-1-billion-youtube-views-1235027946/">Billboard</a>, the sixth Blackpink video to reach that high mark.

Binance and the record label behind K-Pop sensation Blackpink will work on creating eco-friendly NFTs

<ul class="summary-list"><li>Hybe, which manages <keyword id="11901404" type="UNKNOWN" weightage="60" keywordseo="bts" source="Orion">BTS</keyword> and other <keyword id="12048096" type="UNKNOWN" weightage="60" keywordseo="k-pop" source="Orion">K-Pop</keyword> stars, said it had signed a deal to produce NFTs with South Korea's largest <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> operator.</li><li>Bloomberg reported Thursday that Hybe was planning a video game and other digital content linked to the 7-member band. </li><li>NFTs have become mainstream thanks to the help of celebrities, artists and athletes.</li></ul>K-Pop boy band BTS are the next pop stars to dive into the crypto space after the group's management signed a deal to produce non-fungible tokens of the seven performers, according to <a href="https://www.bloomberg.com/news/articles/2021-11-04/bts-agency-preparing-dive-into-nft-with-crypto-exchange-venture?sref=lAVQtUwz">Bloomberg</a> on Thursday. BTS' agency Hybe plans to release <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> photocards of the <a href="https://www.businessinsider.com/how-the-bts-members-make-and-spend-their-money-2019-11?r=US&amp;IR=TIR=T">band</a> members jointly with South Korea's Upbit exchange, run by <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> operator Dunamu - the largest in the country. The group regularly releases physical photcards that fans can collect, but the world is going digital and BTS are keeping up with the times. Many celebrities, artists and performers have brought out NFTs that represent music, video and games. But BTS are the largest outfit to get involved in the world of digital collectible items so far.Dunamu and Hybe were not immediately available to comment when contacted by Insider. "We are working with Dunamu to create a way to expand the fan experience," said Hybe founder Bang Si-hyuk in an online briefing, as quoted by Bloomberg. The goal is providing secure card ownership and "allowing them to be collected, exchanged, and displayed in a global fan community where instead of a single photo, it can be turned into a digital photo card with moving images and sound."Non-fungible tokens have been all the rage, as pop stars like <a href="https://markets.businessinsider.com/news/currencies/katy-perry-is-selling-her-own-nfts-on-a-video-streaming-platform-2021-7">Katy Perry</a> and even fashion houses like <a href="https://markets.businessinsider.com/news/currencies/luxury-fashion-houses-louis-vuitton-and-burberry-dive-into-nft-gaming-2021-8">Burberry</a> have dived in. NFTs are unique digital tokens that run on the blockchain. The BTS NFT photocards will be available on Weverse, the app that connects K-Pop fans to their favorite bands and singers.Hybe is also planning a video game, as well as web comics featuring the "Dynamite" singers. As a part of the deal Hybe has bought a 2.5% stake in Dunamu for $422 million. Hybe will also issue $591 million new shares to Dunamu, according to Hybe's <a href="https://hybecorp.com/eng/ir/archive/result/1082">earnings</a> report Thursday.

K-Pop sensation BTS dives into the crypto space after the band's agency signs a deal to produce NFTs

<ul class="summary-list"><li>BTS is moving forward with plans to produce NFTs, despite the immense public backlash, according to The Wall Street Journal.</li><li>Most of the criticism was related to the environmental impact of energy-intensive NFTs. </li><li>The initial launch, which will involve <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> photocards of the band members, will take place in the first half of 2022.</li></ul>South Korean boy band BTS is moving forward with plans to <a href="https://markets.businessinsider.com/news/currencies/bts-nft-crypto-kpop-after-agency-signs-deal-korea-exchange-2021-11">produce non-fungible tokens</a> despite the immense public backlash, which mainly consisted of environmental concerns that typically accompany digital assets.Hybe, the management agency of the seven-member K-pop group, confirmed the plan to <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fbtss-nft-venture-hits-sour-note-with-fans-11640871772%3Fmod%3Dhp_lead_pos12">The Wall Street Journal</a> Thursday, marking its first public comment since the criticism emerged."We believe NFTs have the potential for expansion and hope they will provide fans with more varied experiences and opportunities to express themselves," John Kim, project lead of HybeAmerica that oversees the NFT business, told the WSJ.Kim also revealed the initial launch, which will involve NFT photocards of the <a href="https://www.businessinsider.com/how-the-bts-members-make-and-spend-their-money-2019-11?r=US&amp;IR=T?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">band</a> members, will take place by the first half of 2022.BTS, heralded as among the most successful bands in the world, regularly releases physical photocards that fans clamor to collect. And by launching NFTs, it seeks to enter a hot market that has seen <a href="https://markets.businessinsider.com/news/currencies/best-selling-nft-collections-last-week-crypto-bored-apes-coolcats-2021-12">total sales volume hit $14 billion in 2021.</a>The plan for BTS NFTs was first unveiled in <a href="https://markets.businessinsider.com/news/currencies/bts-nft-crypto-kpop-after-agency-signs-deal-korea-exchange-2021-11">November</a>, when the band's management signed a deal with top South Korea crypto exchange Dunamu. But the backlash was swift, even among the band's biggest fans. Negative reaction focused on the <a href="https://www.businessinsider.com/energy-consumption-of-nft-cryptocurrency-mining-and-sustainable-alternatives-2021-7">environmental impact</a> of all the energy needed to mint and trade NFTs, which run on a blockchain and are typically bought with digital assets.Despite the environmental concerns, NFTs -- <a href="https://www.businessinsider.com/non-fungible-tokens-nfts-have-taken-over-heres-why-theyre-important-2021-4?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">digital representations</a> of artwork, sports cards, or other collectibles -- have surged in popularity this year and have caught the attention of investors from Hollywood to Wall Street.

Boy band BTS says it will move forward with NFT offerings despite sharp online backlash, report says

<ul class="summary-list"><li>Anatoly Yakovenko, who co-founded <keyword id="11931714" type="UNKNOWN" weightage="60" keywordseo="solana" source="Orion">Solana</keyword>, says NFTs are essentially self-monetizing social networks.</li><li>Yakovenko said <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> communities did not rely on "poison marketplaces" to make money. </li><li>Experts have said NFT communities grow thanks in large part to word of mouth.</li></ul>Non-fungible tokens might be all the rage right now, but they're in fact the early foundations of the social networks of the future, according to Solana co-founder Anatoly Yakovenko.NFTs are often sold as part of a collection, or come as part of a play-to-earn gaming platform, linking up owners all over the world. The sense of community is built in from the get-go and requires no external involvement."I think these are the early starts of true web social networks that do not rely on ads for monetization that don't rely on Google or Facebook to function," Yakovenko told Insider in a recent interview. "They are purely these digital communities that can monetize/self monetize from their own content without the need of any of these external poison marketplaces," he said. Yakovenko is a long-time critic of some of the advertising and data-privacy strategies of larger social platforms such as Facebook or Google.Hype around the metaverse, a virtual reality where people can buy land, homes, luxury items that they pay for in <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword>, helped make NFTs November's <a href="https://markets.businessinsider.com/news/currencies/metaverse-nft-tokens-sand-mana-kraken-bitcoin-ether-decentraland-sandbox-2021-12">best performing</a> digital assets.In the past week alone, a whopping $275.5 million worth of NFTs have been sold, according to<a href="https://nonfungible.com/market/history"> Non Fungible </a>data, thanks in part to rockstars' avatars hanging out in the likes of Decentraland or the Sandbox with those of ordinary people, as well as digital art sales from the Bored Ape Yacht Club and CryptoPunks NFT collections. Community-based NFTs often bring perks to their members too.The solana blockchain is a smaller rival to the ethereum network. It too can host decentralized finance applications, like smart contracts, as well as run NFTs, which are unique digital tokens that represent a real-world piece of content, such as artwork, music or video. Unlike cryptocurrencies, they can't be exchanged like for like, making them a kind of digital collector's item.<a href="https://markets.businessinsider.com/news/currencies/nft-investing-retail-buyers-metaverse-crypto-transactions-boom-tiktok-2021-12">Chainalysis</a>, a blockchain analytics platform, says the success of NFTs is a result of "community and word of mouth growth". They certainly appeal to communities such as celebrity fan bases. K-pop idol band <a href="https://markets.businessinsider.com/news/currencies/bts-nft-crypto-kpop-after-agency-signs-deal-korea-exchange-2021-11?utm_medium=ingest&amp;utm_source=markets">BTS,</a> pop star <a href="https://markets.businessinsider.com/news/currencies/katy-perry-is-selling-her-own-nfts-on-a-video-streaming-platform-2021-7?utm_medium=ingest&amp;utm_source=markets">Katy Perry</a>, along with fashion houses <a href="https://markets.businessinsider.com/news/currencies/luxury-fashion-houses-louis-vuitton-and-burberry-dive-into-nft-gaming-2021-8?utm_medium=ingest&amp;utm_source=markets">Burberry</a> and Louis Vuitton are just some of the names that have dived into the NFT space. <a href="https://markets.businessinsider.com/news/currencies/tiktok-viral-videos-crypto-nfts-lil-nas-x-bella-poarch-2021-10?utm_medium=ingest&amp;utm_source=markets">TikTok</a>, a video-sharing social media platform, launched its own NFT collection in October. Snoop Dog even has his own metaverse called the Snoopverse and a fan <a href="https://www.nme.com/news/music/nft-collector-spends-450000-to-live-as-snoop-doggs-virtual-neighbour-3114160">coughed </a>up $450,000 for a plot of virtual land to be the rapper's neighbor. Even with all the glitz and glamour around NFTs, they're mainly something <a href="https://markets.businessinsider.com/news/currencies/nft-investing-retail-buyers-metaverse-crypto-transactions-boom-tiktok-2021-12">ordinary </a>people will own. 80% of all NFT transfers between January and October this year involved people that spent less than $10,000 per transaction. "I am really excited to see an NFT community go from - 10,000 people to 100,000 and then a million and then 100 million - that's unbelievable, right?" Yakovenko said. "What does that look like when there's 100 million people that are all in - the same community that is driven by this digital content?" he said.

NFTs are the early stage of a social network that doesn't rely on ads or 'poison marketplaces' to bring communities together, Solana co-founder Anatoly Yakovenko says

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NFTs are the early stage of a social network that doesn't rely on ads or 'poison marketplaces' to bring communities together, Solana co-founder Anatoly Yakovenko says

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