JYP Entertainment and fintech company Dunamu have agreed to terminate their agreement on establishing a joint venture for the creation of NFTs.
According to an exclusive report from Money Today, JYP Entertainment and Dunamu have mutually agreed to terminate their 2021 agreement to establish a joint venture focusing on NFTs. Dunamu also shared a statement regarding the cancellation of the partnership.
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.
Back in July 2021, Dunamu and JYP Entertainment announced they would be partnering to launch a K-Pop-based NFT platform. With the deal, Dunamu acquired a 2.5% stake in JYP Entertainment. As of now, Dunamu still holds the 2.5% stake in JYP Entertainment, and it is unknown whether or not they will retain it or sell it.