HYBE Sparks Outrage as It Proceeds With BTS' NFT Launch
The move is contrary to the K-pop band’s previous sustainability efforts.
HYBE, the label in charge of managing the idol group, announced in November last year that they were planning to design their own NFTs in partnership with Dunamu, a crypto exchange company. This was met with dissent from fans, with hashtags like #BoycottHybeNFT and #ARMYsAgainstNFT trending on social media.
Besides their music, the K-pop band is recognized for their contributions to sustainability and environmental outreach, having made an appearance at the United Nations General Assembly in 2018. John Kim, HYBE America’s project lead, told the Wall Street Journal: “We believe NFTs have the potential for expansion and that they would provide fans with more varied opportunities to express themselves.”
Despite the carbon footprint produced by the NFT market, Dunamu’s business development and strategy manager Kim Min-jung states the “carbon footprint is almost negligible,” displaying no hesitancy in proceeding with the launch.