February 5, 2023

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RM of BTS reportedly submitted a PPT presentation to HYBE executives to suggest a change in company policy regarding NFTs.

RM of BTS reportedly submitted a PPT presentation to HYBE executives to suggest a change in company policy regarding NFTs.

Momenticaa non-fungible token (NFT) platform created by DunamoKorea’s No. 1 virtual asset exchange operator, and HYBE, shows poor performance. This is a disappointing and painful result considering it is such an ambitious piece of work Song Chi HyungDonamo’s boss, he had planned.

Momentica is a virtual asset trading platform that can restrict users’ transactions at any time at their discretion levels (a joint venture between Dunamu and HYBE) and prevents screen capture from source. Analysts say it has not been well received by both cryptocurrency investors and idol fans because it adheres to a centrally controlled operating policy.

According to the industry, on January 23, a total of 1,231 videos (referring to digital cards made at Momentica’s NFTs) based on 30 different concepts were recorded for LE SSERAFIM’s second mini-album “ANTIFRAGILE”, but only 40 to 60 videos were released. Sold.

For $12, you can buy a “special video package” with three videos, but only 157 people have purchased it. Total sales to date are estimated at around 8 million Korean won (approximately $6,497 USD). Given that LE SSERAFIM’s official YouTube subscribers are around 2.22 million, the demand for NFT videos among fans is only a fraction.

This seems to be because levels can exercise tight control over user transactions. According to Momentica’s terms, “Levels may, in its sole discretion, decide whether or not to allow you to trade with other users by providing or restricting access to certain relevant features on the Platform.. “

The terminology also states thatLevels reserves the right, without prior notice, to limit the number of Takes available, to stop using Takes, or to no longer make Takes available to users.. “

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Regarding this, a Levels official stated, “In order for transactions to take place between users within Levels, they must go through a KYC (Customer Identification) process. During the identity verification process, if it is confirmed that there are no AML issues, users can trade, but members who do not meet the legal criteria cannot trade.. “

However, it is cited as excessive intrusion to exert control over the platform’s user base for the reason of identity authentication without setting the goal of restricting use to “problematic users”. There is also criticism that it is a foregone conclusion that cryptocurrency investors will not participate in a platform that may infringe their property rights at the discretion of the operator.

In addition, one of the most important variants of Momentica is BTS, which is the biggest influence among HYBE artists. BTS has a huge influence on their agency, so the leader is said to be RM Made a PPT (PowerPoint) presentation to HYBE executives changing company policies on NFTs and received positive responses.

BTS’s fan, ARMY, has also been adamantly opposed to HYBE’s NFT business. They stated that when NFTs are issued, carbon is emitted and can pollute the environment. This is why Levels has separately confirmed that it uses a low-carbon blockchain that effectively uses very little energy.

Also, there are a large number of fans who joined the fandom after watching photos, videos, and content created by other fans. This also reveals the closed nature of Momentica, as Momentica blocks capture functionality throughout the app. An official from Levels explained, “This is to protect the rights of the application users and the intellectual property of the artists. “

For NFTs, copying or capturing is not important, but the value is created by “proving the content is original.” Thus, HYBE and Dunamu consider NFTs to be commodities/assets. However, there is an assessment that raises doubts about the kind of technical contribution Dunamu, who is a “blockchain specialist,” made to Momentica and HYBE.

Lee Seok Woo, CEO of Dunamu, said in September 2022“This is the work that Levels focus on the most this year.” In addition, Chairman Song Chi Hyung was exempt from parliamentary scrutiny for 2022 on grounds of a business trip to the United States for Levels’ business.