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After JYPE, NFT platform Dunamu goes to HYBE, fans say 'don't jump on the bandwagon'

Insiders wonder if HYBE had something to do with JYPE and Dunamu's contract termination

HYBE and JYPE were one of the first major K-pop companies to enter the world of cryptocurrency and NFTs as they partnered up with the digital company Dunamu in 2021. It was received with much backlash from fans as the creation of NFTs and its transaction process are reportedly harmful to the environment in the long run as it generates a huge carbon footprint. But in early April, it was announced that Dunamu and JYPE had mutually terminated their contract to create NFTs.

While fans hailed JYPE for their decision, insiders wondered if HYBE had anything to do with Dunamu and JYPE’s contract termination. The pressure from fans is once again on HYBE as they continue their NFT plans with a release of a guide on the new technology on their digital platform Weverse Magazine. Founder Bang PD had also previously spoken in an interview with TIME that he understood the concerns of fans and so would venture forward with care. 

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JYPE terminates NFT plans with Dunamu, K-pop fans say: 'First good decision'

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Fans and Knetz against NFT

On April 15, HYBE released a guide on NFTs, what it is, how music will be released as an NFT and other questions. HYBE and Dunamu have entered a joint partnership in USA to create NFTs for HYBE’s artists like BTS and Le Sserafim. But environmentally-conscious fans do not want to hear about K-pop NFTs. Knetizens too were not interested as one user posted, “NFT = scam.” Another Knetz shared, “I think this decision is best for JYP... I don't know much but I don't see this NFT stuff retaining any meaning…”

'Tell HYBE to stop'

Fans also made huge threads on why they were against NFTs, “If anyone wants to read up on why this in fact sucks balls:.” Another fan tweeted, “Someone send a truck to tell hybe to@stop this nft shit.” One wrote, “Honestly concerned about the nft business hybe is going to do with le sserafim and other hybe groups. blockchains use up so much energy even if they use ethereum for it (least damaging, but still causes tons of damage).”

Another was serious, “I'm going to reconsider what I will consume from Hybe if the nft project will be approved. I'll probably delete my weverse app and reduce the money I'm paying for bts merch. I like collecting but at the end of the day I have my own values and I don't want to be a part of this.” One fan pointed out the hypocrisy as BTS are spokespeople for the UN’s climate change project, “Hybe built everything without NFTs - you don’t need them and they’re terrible - don’t jump on this bandwagon when you also represent UNICEF. NFTs are toxic.” Another fan said, “Exactly!! Like how you gonna promote to save the planet and then invest in NFT!! Hybe is greedy asf.”

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