K-Pop Band BTS Goes Ahead With NFTs Despite Fan Protests

K-Pop Band BTS goes ahead with its plans for NFTs despite the fan protests due to environmental concerns so let’s read more in today’s cryptocurrency latest news.

The band’s management agency Hybe said that the plans for NFTs will go ahead despite the environmental concerns of the BTC supporters. The management agency behind South Korea K-Pop Band BTS goes ahead with the plans to produce NFTs despite the sharp criticism from the group’s supporters.
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After entertainment giant, Hybe announced more plans to launch a range of NFTs that are based on the roster of artists earlier this year but the fans of BTS protested at the environmental impact of non-fungible tokens. However, Hybe confirmed in a statement that it responded publicly to the backlash that its NFT plans will go ahead. John Kim as the project lead Hybeamerica noted:

“We believe NFTs have the potential for expansion and hope they will provide fans with more varied experiences and opportunities to express themselves.”

[Breaking News] Korea Economic reports HYBE will officially announce their entry into the NFT market with a long term partnership with Dunamu, the operator of cryptocurrency Upbit. They will be issuing ₩400B worth of convertible bonds to acquire 861,004 shares of Dunamu. + https://t.co/1Kv1O5Nwir pic.twitter.com/kGnqME3MBP

— bora ✨✨ (@modooborahae) November 3, 2021

He added that the initial launch of NFT photo cards of the group who are among the industry’s most profitable artists will happen in less than six months. Physical images of BTS band members are coveted with some fetching thousands of dollars online as well as other merchandise that will make huge profits for Hybe that generated over 0 million in merchandise and licensing sales in 2021.
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plans for BTS NFTs were revealed in November when Hybe announced a partnership with Korean exchange Dunamu. The move however ended up with a sour note who rallied around hashtags #BoycottHybeNFT in protest at the energy consumption that is required to mint the unique digital assets.

Dunamu’s NFT business development and strategy manager Kim Min-jung said that the platform will have a limited impact on the environment. Hybe hasn’t revealed which blockchain will be used to host the NFTs with the most popular blockchain for minting NFTs still being Ethereum that uses energy-intensive proof of work consensus mechanism. The growing number of NFTs are moving to blockchains that employ an alternative proof of stake consensus mechanism that uses the order of magnitude less energy. Ethereum is set to join them after switching to proof of stake.

Efforts by the entertainment industry to launch NFTs faced widespread pushback from the consumers. Back in September, Legendary Pictures faced a fan backlash for launching a range of NFTs based on the film “Dune” and many critics flagged it up that the original book is actually an environmental allegory.