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In HYBE’s community briefing video released on November 4, the company revealed multiple new trajectories that it’s partaking in to expand its business. One of the next steps is investing in NFTs.
HYBE is partnering with Dunamu, a blockchain-based fintech startup, to create non-fungible tokens featuring its artists and various content, including popular collectibles and photo cards.
While fans have lauded their other moves, the harmful effects of NFTs on the environment has them boycotting HYBE’s move. Many are educating fellow fans on hyper energy consumption.
They also believe the move is hugely hypocritical of their biggest group BTS’ stance on climate and environmental protection at various campaigns and the UN.
Why do fans think HYBE diving into NFT is step in the wrong direction?
HYBE’s venture into the crypto-currency world has fans shocked. In the briefing, new groups in development were discussed, foraying into media formats such as games, webtoons, web novels, and many other things.
The company also introduced plans of foraying into NFTs (non-fungible tokens) with Dunamu, South Korea’s largest cryptocurrency operator, running the crypto-currency exchange Upbit.
Bang Si Hyuk, HYBE’s founder, announced they’re working with Dunamu “to expand the fan experience”, as he pulled out BTS’ photo cards. The company will be releasing digital photo cards, moving images, and more things, such as NFTs, to offer fans secure ownership.
However, as much as fans love BTS, they’re not with HYBE for entering the crypto market. What NFTs guarantee as “ownerships” is a unique crypto hash that gives the buyer a vague form of ownership, reports VICE.
As a result, fans took to Twitter to express their displeasure, while also trending the hashtag "BoycottHybeNFT".
Some fans are creating memes to make it easier for others to understand the overall ‘NFT photocard’ deal in hilarious ways.
Then there’s also the environment at stake, a stand BTS has always advocated. Fans are now calling HYBE hypocritical and downright disrespectful, as the group’s reputation, too, is facing the brunt.
Cryptocurrency and NFTs are majorly a part of the Ethereum blockchain, which reportedly consumes roughly the amount of annual power consumption of countries similar to Colombia’s size and Denmark’s carbon footprint yearly.
Inc24 from the Digiconomist Ethereum Energy Index states:
“A single transaction — minting, bidding, canceling, sales and transfer of ownership — on Ether emits carbon equivalent to watching YouTube for 13,000 hours and uses electricity that could power a house in a developed country for six days!”
HYBE has made no official statements since the outcry, and they gave no specifics if the NFTs would use “environment-friendly” blockchains, which are still reportedly harmful or not.
Meanwhile, other K-pop agencies such as YG Entertainment and JYP Entertainment also announced their foray into the NFT business. Multiple fandoms have thus joined hands to express their frustration with these organizations.
