In October 2022, HYBE and blockchain technology firm Dunamu patterned up to launch Momentica, an NFT platform where fans could purchase digital collectibles featuring some of HYBE’s popular artists. The venture included SEVENTEEN, fromis_9, TXT, ENHYPENand LE SSERAFIM. However, the absence of BTS from this project, who happen to be the label’s top artist, didn’t go unnoticed. According to new media reports, the group might have had direct involvement with that decision.
Recently, Korean media outlets reported on the low performance of Momentica, which has apparently made sales worth ₩8.00 million KRW (about $6,500 USD) only. While one of the primary concerns of the platform is its user policies, the reports also highlighted that the absence of BTS from the platform might have also caused a dent in its performance.
Since the project was announced, most BTS fans opposed the idea. They made it clear that they won’t be engaging with any NFT-related BTS content because of the high rates of emission it causes, harming the environment in the process.
NFTs are extremely bad for the environment. Please don't hurt the environment. #ARMYsAgainstNFT #BoycottHybeNFT pic.twitter.com/a2ymNWL5LD
— Seokjinism – THE ASTRONAUT JIN
(@seokjinism1) November 5, 2021
i thought WE support music @HYBEOFFICIALtwt? this very much disappointing. stop using fans, the environment and your artists for money #BoycottHybeNFT #ARMYsAgainstNFT https://t.co/Pf5RirMGBJ#BoycottHybeNFT
— bts⁷ (@Raseda0613) November 4, 2021
hybe going after money using bts’ name, not caring about nft’s harmful affect on the environment while the people they wanna use for money have been advocating for the exact opposite pic.twitter.com/jMn08ngcJp
— noemi (@cosmoskth) November 4, 2021
Media reports stated that BTS’s content was supposed to be the killer move on Momentica’s part, but the group’s intentions were a big variable in the decision-making process. Apparently, there have been precedents where the group’s leader RM pursued HYBE executives to change the company’s policies.
Though Momentica’s potentially killer content is considered to be of BTS, who has the biggest presence out of all the HYBE artists, BTS’s intentions are the biggest variable. BTS is known to have a strong voice in the agency. It’s reported that RM, the leader, made a presentation (PT) directly to HYBE’s executives to change the company’s policy and received favorable responses.
—Bloter
Though the statement in the report is a bit speculative, fans think RM might have also affected the policies regarding NFTs. There are speculations that RM, as the spokesperson of BTS members, pursued HYBE to not include BTS in the NFT project. Some are also guessing that he probably pushed the company to opt for blockchains that cause less harm to the environment. Levvels Inc (the company HYBE and Dunamu formed together) emphasized the fact that they use low-carbon emission blockchains to minimize the impact of their NFTs on the environment.
Now we know why BTS was the only group not involved with the nfts promo. Love my plant dude for this
— Afriyieau1
(@afriyieau1) January 23, 2023
Hybe picked the least "harmful" NFT because of Namjoon and my man stated BTS wouldn't be supporting it in a way, and BTS would help the company gain so much if they did.
Thats why we don't get BTS NFTs… wow he is so fvking sexy https://t.co/MBV4GntOhe— ⟭ BlueeDenise⁷⟬ VIBE
아포방포
Military Wife (@BlueeDenise) January 23, 2023
this is why we no longer heard about nft in relation to bts. i knew namjoon would stand up for environment. 🫂 https://t.co/zahd5msyNE
—
(@seokiebubs) January 23, 2023
It is no secret that RM is a very sociopolitically conscious person, as often reflected in his interviews and songwriting. So, the assumption that he probably took charge and affected these positive changes in HYBE’s policies does not seem too far-fetched. But there are no official confirmations on the matter either.
source https://www.koreaboo.com/news/armys-speculate-bts-rm-might-influenced-hybe-nft-project-policies/
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