HYBE entering NFT disappoints fans as #BoycottHybeNFT trends on Twitter

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.

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.

About the author

Afreen has been a K-Pop Content Specialist at Sportskeeda since 2021. She holds a Bachelor's degree in English Literature, along with a Post-Graduate Diploma in Journalism and Mass Communication. Afreen has over 4+ years of working in various positions including being an entertainment content writer with Pinkvilla’s K-pop division Hallyutalk and CineDope, and as a copywriter at Flying Cursor.

As per Afreen, she loves her work because she gets to write about the things she is obsessed with. Her thorough research and following the two-genuine-source rule of journalism helps her produce the most accurate content, along with helping her be up-to-date with the industry.

Afreen has had the privilege to interview The Rose's frontrunner, WOOSUNG, and LIONESSES, K-pop's first openly LGBTQ+ group. She is a big fan of SEVENTEEN, Stray Kids, BTS, and The Rose for their hard work, sincerity, and the comic relief their shows provide.

When she is off her shift, Afreen explores the streets of Nottingham in the UK, cooks, and listens to new music.

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