Business, News, NFT

The K-Pop band continues with the NFT in the face of BTS fan opposition

BTS Band

Hybe, the band’s administration company, says its plans for the NFT proceed no matter the environmental worries of BTS supporters.

Despite sharp criticism from tens of tens of millions of supporters of the K-pop bill, the South Korean men’s band’s administration company at the back of BTS continues to design to produce non-fungal tokens (NFTs).

Following the announcement thru leisure massive Hybe formerly this 12 months that it plans to launch an NFT collection based totally on its listing of artists, BTS followers took to Twitter to protest the NFT’s environmental impact.

On Thursday, however, Hybe installed in an announcement — the first time it had publicly replied to the setback — that its NFT plans have been transferring forward.

“We believe NFTs have the potential for expansion and hope they will provide fans with more varied experiences and opportunities to express themselves,” John Kim, project lead, HybeAmerica, told the Wall Street Journal.

He referred to the preliminary launch of BTS ‘NFT Photo Card, one of the most advisable artists in the tuning industry, which will take location in a whole lot much less than six months.

BTS Very coveted pictures

The physical picks of BTS band subscribers are well known and some of them make hundreds of dollars online. BTS Image, Print, and Other Merchandise In 2021, Hybe will make a whopping $ 200 million from the sale of merchandise and licenses.

Plans for BTS NFT were first published in November when Hybe partnered with major Korean cryptocurrency Dunamu. But the permit caused a stir among BTS fans, who lined up spherical hashtags such as #BoycottHybeNFT and #ARMYsAgainstNFT to protest the need to create special digital assets to protest energy consumption.

They argue that the band is moving in the direction of local climate action, such as the appearance of BTS at the 2018 UN General Assembly.

Climate capital

For its part, Kim Min-jung, NFT Business Development and Strategy Manager at Dunamu advised the Wall Street Journal that the platform has a limited impact on the environment. Its carbon footprint is negligible, he said.

Hybe is not yet printed, which blockchain will be used for NFT hosting. The most well-known blockchain for NFTs minting is Ethereum, which currently uses energy-intensive evidence of a compromise mechanism that can be implemented.

But according to a 2021 UCL finding – the use of small power orders – a large NFT variety is moving in the direction of the blockchain that uses the evidence of the inventory compromise mechanism. Ethereum is set to be a part of them and will exchange factors to demonstrate it as two of its upcoming Ethereum 2.0 upgrade.

ERC-20 Token Explained Image
Source : CoinWist

Hybe has now not however published which blockchain will be used to host NFTs. The most famous blockchain for NFTs minting is Ethereum, which at present makes use of the energy-intensive proof of a workable compromise mechanism.

But a developing volume of NFTs is transferring toward blockchains that use desire proof in the stock compromise mechanism, in accordance with a 2021 UCL discover out about – the usage of smaller energy orders. Ethereum itself is set to join with them, and with its upcoming Ethereum two enhance it will swap elements to exhibit it.

But efforts via enjoyment manufacturers to launch NFT have met with a massive push from consumers. In September, Legendary Pictures’ launch of the NFT collection based definitely on the movie “Dune” met with a fan reaction,

with many commentators calling the actual ebook an environmental metaphor. Earlier this month, video sports activities creator GSC Game World abandoned plans to consist of NFT in its S.T.A.L.K.E.R game. 2: The coronary heart of Chernobyl, after an irritated response from players.

The introduction of NFT editions of body photographs is a great way to crack down on counterfeit banknotes, a number that is not capable of embellishing their treasury, and Hybe will not escape now. BTS is not the first musician to once enter the red-hot NFT space.

With Timbaland, Snoop Dogg, Grimes, 3LAU, and Kings of Leon, musicians have experimented with technology that seeks to break new ground and become more of a fan base. But tuning in to NFT’s existing followers may be more business than expected.

End of the Story

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