Despite fan anger, BTS’s NFT is back on track
Although Hybe announced in November 2021 that it planned to launch digital photo cards for BTS members through a partnership with the financial technology company Dunamu, which caused outrage, the band, through its management company Hybe, once again announced that it would continue the original plan.
In a statement issued in November 2021, Hybe Chairman Bang Si-hyuk mentioned that the company will cooperate:
“Together with Dunamu, we have created a more diverse and safer way to expand the fan experience, such as digitally authenticating and perpetuating the uniqueness of these photo cards, while also allowing them to be used on the global fan community platform. Collecting, exchanging and displaying are like Weavers.”
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Although investment experts may think this is a forward-looking idea, the band’s plan to launch NFT has not been well received by its fans (commonly known as BTS Army). The latter is concerned about the environmental impact of the plan. According to fans of popular music bands, NFT needs energy, which is the main source of climate change. Therefore, considering that the band has stated its position on environmental sustainability issues in the past, the band should not be associated with such social issues. When news about the creation of an NFT for the band appeared, fans launched a rebellion on the Internet by creating and tweeting (NYSE:) hashtags (such as BoycottHybeNFT” and “#ARMYsAgainstNFT”) to further resist. In addition, the K-Pop band Fans of has threatened that if their demands are not met, they will boycott Hybe.
However, Hybe, the management company of the K-Pop band, has stated that it will continue its plan to create NFTs based on K-Popstars. John Kim, HybeAmerica’s head of NFT business, said that the company’s plan to produce “digital photo cards” for band members depends on the prospects of NFT.He said
“We believe that NFTs have the potential to expand, and hope that they can provide fans with more diverse experiences and opportunities to express themselves.”
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