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

Momenticaa non-fungible token (NFT) platform created by Dunamuthe operator of Korea’s number one digital asset change, and HYBE, is displaying poor efficiency. This is a disappointing and painful end result contemplating that it is an bold work Song Chi Hyungthe chairman of Dunamu, had deliberate.

Momentica is a platform that trades digital belongings that may prohibit customers’ transactions at any time in accordance to the judgment of Levels (a three way partnership between Dunamu and HYBE) and blocks display seize at the supply. Analysts say that it is not properly obtained by each crypto traders and idol followers as a result of it adheres to a centrally managed working policy.

According to the business, on January 23, a complete of 1231 video takes (referring to digital playing cards made NFTs in Momentica) primarily based on 30 completely different ideas of LE SSERAFIM’s 2nd mini album ‘ANTIFRAGILE’ have been launched, however solely 40 to 60 video takes have been offered.

For $12, you should buy a ‘particular video pack’ containing three video takes, however solely 157 folks purchased it. Total gross sales to date are estimated to be round 8 million KRW (~6,497 USD). Considering that LE SSERAFIM’s official YouTube subscribers are at round 2.22 million, the demand for these video NFTs amongst followers is solely a tiny fraction.

This appears to be as a result of Levels can train agency management over person transactions. According to Momentica’s phrases, “Levels might, in its sole discretion, resolve whether or not or not to permit you to commerce sure or all takes with different customers by offering or limiting entry to sure associated options on the Platform.”

The phrases additionally clarify that “Levels reserves the proper, with out prior discover, to restrict the variety of Takes accessible, to discontinue use of Takes, or not to make Takes accessible to customers.”

Regarding this, a Levels official said, “In order to conduct transactions between customers inside Levels, you should undergo the KYC (buyer identification) course of. During the id verification course of, if it is confirmed that there aren’t any points associated to AML (Anti-Money Laundering), customers can commerce, however members who don’t meet the authorized requirements can not commerce.”

However, it is identified that it is an extreme intervention to exert management over the platform’s person base for the motive of id authentication with out specifying the goal of use restriction for ‘customers with points.’ There is additionally criticism that it is an anticipated end result that crypto traders don’t take part in a platform that will infringe on their property rights in accordance to the judgment of the operator.

Additionally, certainly one of the most vital variables to Momentica is BTS, which is the greatest affect amongst HYBE artists. BTS has a substantial influence on their company, and it is said that chief RM had made a PPT (PowerPoint) presentation to HYBE executives to change the company’s insurance policies on NFTs and it obtained favorable responses.

BTS’s fandom, ARMY, has additionally strongly opposed HYBE’s NFT enterprise. They said that when issuing NFTs, carbon is emitted and might pollute the surroundings. This is why Levels individually emphasised that it makes use of a low-carbon emission blockchain that successfully makes use of little energy.

Also, there are a vital variety of followers who have joined the fandom after seeing the photographs, movies, and content material created by different followers. This additionally reveals the closed nature of Momentica, as Momentica blocks the seize operate all through the app. An official from Levels defined, “This is to defend the rights of the app customers and the artists’ IP.”

For NFTs, copying or capturing is not essential, however the worth is generated by ‘proving that the content material is authentic.’ Thus, HYBE and Dunamu are contemplating NFTs as items/belongings. However, there is an analysis that raises doubts about what sort of technical contribution Dunamu, a ‘blockchain specialist,’ has made to Momentica and HYBE.

Lee Seok Woo, CEO of Dunamu, said in September 2022“This is the enterprise that Levels is specializing in the most this 12 months.” Additionally, Chairman Song Chi Hyung was excused from the 2022 parliamentary audit for the causes of a enterprise journey to the United States for the Levels enterprise.

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