nft

The RM of BTS is said to have sent a PPT presentation to HYBE executives to propose a change in the company’s policy regarding NFTs.

instantaneousnon-fungible token (NFT) platform created by DunamoKorea’s main digital asset trade operator and HIBE, signifies low efficiency. This is a disappointing and painful end result, on condition that the work is so bold. Song Chi HyungDonnamo’s boss, he had deliberate.

Momentica is a digital asset buying and selling platform that may restrict person transactions at any time at its discretion ranges (a three way partnership between Dunamu and HYBE) and prevents screenshots of fonts. Analysts say it is not effectively acquired by cryptocurrency buyers and idol followers because it adheres to a centrally managed working policy.

According to the trade, on January 23, a complete of 1,231 movies (referring to digital playing cards made in Momentica’s NFT) based mostly on 30 totally different ideas for LE SSERAFIM’s second mini-album “ANTIFRAGILE” have been recorded, however solely 40 to 60 movies have been launched. Sold.

For $12 you should buy a “particular video pack” with three movies, however solely 157 individuals purchased it. Total gross sales to date are estimated at round 8 million Korean received (roughly US$6,497). Considering that LE SSERAFIM’s official YouTube subscribers are about 2.22 million, the demand for NFT movies amongst followers is solely a small fraction.

This seems to be as a result of tiers can exert tight management over person transactions. According to Momentica’s phrases, “Levels might, in its sole discretion, resolve whether or not or not to enable you to transact with different customers or as required by offering or proscribing entry to sure applicable options of the Platform.. “

The terminology additionally says soLevels reserves the proper, with out discover, to restrict the quantity of Takes obtainable, to discontinue use of Takes, or to not present Takes to customers.. “

Regarding this, a Levels worker said: “In order to transact between customers inside the tiers, they need to undergo a KYC (buyer identification) course of. During the identification verification course of, if it is confirmed that there are not any AML points, customers can commerce, however members who don’t meet the authorized standards can’t commerce.. “

However, it is cited as extreme intrusion to exert management over the platform’s person base for identification verification functions with out setting the objective of limiting use to “drawback customers”. There is additionally criticism that it is a foregone conclusion that cryptocurrency buyers won’t take part in a platform which will infringe on their property rights at the discretion of the operator.

Also, one of the most necessary variants of Momentica is BTS, who’re the most influential amongst HYBE artists. BTS has a lot of affect on their company, so the chief is said to be RM Gave a PPT (PowerPoint) presentation to HYBE executives altering the company’s insurance policies on NFT and acquired optimistic responses.

BTS fan ARMY additionally fiercely opposed HYBE’s NFT deal. They said that when NFTs are issued, carbon is emitted and might pollute the surroundings. That’s why Levels has individually confirmed that it makes use of a low-carbon blockchain that successfully makes use of little or no power.

Additionally, there are a large quantity of followers who have joined the fandom after viewing images, movies, and content material created by different followers. This additionally reveals the closed nature of Momentica, as Momentica blocks seize performance all through the utility. A Levels worker defined: “This is to defend the rights of the customers of the utility and the mental property of the artists. “

For NFTs, copying or capturing is not necessary, however worth is created by “proving that the content material is authentic”. Thus, HYBE and Dunamu contemplate NFTs as commodities/belongings. However, there is an evaluation that raises doubts about the technical contribution that Dunamu, who is a “blockchain skilled”, has made to Momentica and HYBE.

Lee Seok Woo, CEO of Dunamu, said in September 2022“This is the work that Levels is specializing in the most this 12 months.” In addition, Chairman Song Chi Hyung was exempted from parliamentary scrutiny for 2022 due to a enterprise journey to the United States on degree work.

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