By Nicole Rojas | First Posted: Sep 05, 2012 01:50 PM EDT

Singer Psy (front) performs during his concert in Seoul August 11, 2012. The chubby, rapping singer with slicked-back hair and a tacky suit is the latest musical sensation to burst upon the world from South Korea, via a YouTube music video that has been seen by over 20 million people in under a month. In a nation famed for the pretty-boy but often bland bands of K-Pop, nobody was more surprised by the success of the video "Gangnam Style" than its creator, Psy, a musician with a decade-long career in his homeland who never thought to break overseas. Picture taken August 11, 2012. (Photo : Reuters)

South Korean rapper Psy's viral video "Gangnam Style" has inspired a flurry of YouTube parodies following its international success. The video, which by Wednesday hit over 106 million views on YouTube, has catapulted the Korean singer into global stardom.

On Tuesday, the rapper's label, YG Entertainment, announced that he had signed a contract with Universal Music Group's Def Jam Recordings to bring his music to a wider audience. The megastar is scheduled to attend the 2012 MTV Video Music Awards during his next trip to the United States.

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"I'm experiencing all these things for the first time," Psy said in a statement through YG. "I feel like I'm reaching my peak for the first time in eleven years after debuting. I now have mixed feelings that I want to use this chance to enhance the prestige of South Korea and that I should not attempt too much."

"Gangnam Style" is currently No. 27 on Apple's iTunes Top 100 Song Chart and No.1 on Apple's iTunes Top 100 Music Videos Chart.

Parodies of the video, with its catchy dancing style, have hit the web including these popular five:

Gangnam Style on CHATROULETTE:
Currently on YouTube's trending videos, "Gangnam Style on Chatroulette" has close to 2 million views.

The Oregon Duck: Gangnam Style Parody:
University of Oregon's mascot The Duck has garnered over 2 million views on YouTube.

"BABY" GANGNAM STYLE PARODY:
These adorable little babies join their mother for a hilarious parody of "Gangnam Style." The video was even tweeted by the Korean superstar.

Gangnam Style Parody (Oppa Chicago Style):
Fans from Chicago also made sure to get in the fun. "Oppa Chicago Style" has over a million views on YouTube.

Pony Gangnam Style:
This short cartoon parody of the music sensation has almost 1 millions views on YouTube.

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