Hybe moves forward with BTS NFTs despite major backlash

BTS’ management agency – Hybe – has just confirmed its plans to move forward with BTS NFTs – despite sharp criticism from ARMY – BTS’ fandom. 

In November, Hybe announced its plans to release artist-related NFTs. However, BTS fans weren’t happy. In fact, they took to Twitter to voice their dissent against BTS NFTs due to the environmental impact of NFTS. 

A new venture for Hybe

During a live broadcast, the founder of Big Hit Music and Hybe Corporation, Bang Si Hyuk, said, “The ‘new and innovative fan experience’ that will unfold in HYBE will include future experiences that fans have yet to experience but which they need most of all.”

Bang Si Hyuk also announced the company’s collaboration with the fintech company Dunamu. Together, they plan to develop an NFT business under a new joint venture. This will allow Hybe artists’ IP-based content to become digital assets that fans can purchase. 

ARMY is not happy with BTS NFTs

However, these same fans weren’t happy with this announcement. Negative reaction mainly focused on the environmental impact of NFTs. Others stated that this goes against the boy band’s climate activism – which included an appearance at the UN General Assembly. As a result, #BoycottHybeNFT and #ARMYsAgainstNFT started trending on Twitter.

Despite the controversy, Hybe confirmed that the NFT plans – specifically, the BTS NFTs – are going ahead: “We believe NFTs have the potential for expansion and hope they will provide fans with more varied experiences and opportunities to express themselves.” The initial launch is set to happen in six months and will include NFT photocards of the boy band members.

Hybe hasn’t revealed which blockchain they’re using to host the BTS NFTs. However, fans are hoping that Hybe opts for an eco-friendly blockchain that employs the alternative proof of stake consensus mechanism. By doing this, Hybe will soften the blow and ensure the NFTs’ success.