BTS’s RM is said to have presented a PPT Presentation to HYBE executives to propose a change in the company policy regarding NFTs

Momenticanon-fungible platform (NFT) created by DunaKorea’s No. 1 asset exchange operator, and HYBE, indicates unemployment. This is a disappointing and painful result considering that it is an ambitious project which Song Chi Hyungthe head of Dunamu, prepared.

Momentica is an asset trading platform that can block user transactions at any time at its discretion. The steps (jointness between Dunamu and HYBE) and block the screen at the root. Analysts say that both crypto investors and idol enthusiasts have not been well-received because it follows a centralized operating principle.

According to the industry, on January 23, a total of 1231 videos (referring to digital cards made of NFTs in Momentica) were released based on 30 different concepts of the 2nd mini-album of LE SSERAFIM ‘ANTIFRAGILE ‘, but only 40 to 60 video captures. sell.

For $12, you can buy a special video package containing three videos, but 157 people bought it. Total sales to date are estimated at around 8 million KRW (~6,497 USD). Considering that LE SSERAFIM’s official YouTube subscribers are around 2.22 million, the demand for these video NFTs among the fans is very small.

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This seems to be because Steps can exercise more control over user interactions. According to Momentica terms, “The Platform may, in its sole discretion, decide whether or not to allow you to do business with some or all of the content taken with other users by providing or restricting access to certain related features on the Platform..”

The terms also state that “The measures reserve the right, without prior notice, to limit the amount of content available, to stop using the content, or not to make the content available to users..”

In this regard, a Levels official stated that, “In order to conduct transactions between users in the Steps, you must comply with the KYC (customer identification) process. During the verification process, if it is confirmed that there is no problem related to AML (Anti-Money Laundering), users can do business, but members who do not meet the legal requirements cannot do business..”

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However, it has been shown that it is an excessive intervention to exercise control over the user base of the platform for the purpose of identification without determining the purpose of restricting use to ‘users and subjects.’ Also, there is criticism that the expected result is that crypto investors do not participate in the platform that may violate their property rights according to the operator’s decision.

In addition, one of the most important variables for Momentica is BTS, which is a major influence among HYBE artists. BTS has a strong influence on their board, and CEO RM is said to have presented a PPT (PowerPoint) to HYBE executives to change the company’s policy on NFTs and received positive responses.

BTS’s fandom group, ARMY, also protested against HYBE’s NFT business. They stated that when NFTs are emitted, carbon is emitted and can pollute the environment. This is why Different Levels emphasizes that it uses a low-carbon blockchain that uses less energy effectively.

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Also, there are many fans who join the fandom after seeing pictures, videos, and content created by other fans. This also explains the closed nature of Momentica, as Momentica blocks the capture functionality within the app. An official from the stage explained, “This is to protect the rights of app users and artists’ IP.”

For NFTs, copying or taking is not important, but value is provided by ‘proving that the content is original.’ Therefore, HYBE and Dunamu consider NFTs as goods/assets. However, there is an assessment that raises doubts about the technical contribution Dunamu, ‘the blockchain expert,’ gave to Momentica and HYBE.

Lee Seok Woo, CEO of Dunamu, said in September 2022“This is the business that Matakan is focusing on this year.” In addition, President Song Chi Hyung has been excused from the 2022 parliamentary inquiry due to a business trip to the United States.


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