MEAWW.COM / ENTERTAINMENT / K-POP NEWS

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

K-pop fans are against NFTs since it has a huge carbon footprint which is bad for the environment and borders on ethically grey areas

JYPE had become the next major K-pop label to dabble in cryptocurrency and the NFT business as they had signed a contract with the fintech company Dunamu. In July 2021, the K-pop company had agreed on a joint venture where Dunamu would create a virtual platform and JYPE would make NFTs out of their artists’ content for it. But on April 4, it was reported that this contract had been terminated. 

Dunamu shared a statement regarding their NFT plans with JYPE, “Dunamu and JYP Entertainment planned to establish a partnership for the NFT business, but at this point, the business cooperation contract for the establishment of the partnership has been canceled by the agreement of the two companies. We have decided to continue to seek opportunities for mutual collaboration in other ways.” They had also acquired a 2.5 per cent stake in JYPE but there is no news as to what they will do now following the contract termination.

READ MORE

Sunmi defends NFT decision, fans disappointed: ‘Full of emotional manipulation’

YG’s Blackpink and SM team up with Binance, fans say ‘we don’t want NFT’

Why are K-pop fans against NFTs?

With K-pop fans being extremely against NFTs, many have hailed JYPE regarding their decision to terminate plans of NFT-making. Fans have found many issues regarding NFTs. NFT is a non-fungible token that acts as a digital receipt for purchasing a digital product with cryptocurrency. Ownership of that product is verified with the use of blockchain technology. However, due to this intricate process, one NFT transaction emits around 33.4 kgs of carbon dioxide. This means that one NFT’s carbon footprint is more than what some countries produce in a whole year like Denmark.

Another issue that fans have with NFT is that it falls in an ethically grey area. Many call it art theft as fans researched and explained that a consumer can buy a replica of the product which means that it infringes on the artist’s ownership rights. While YG and SM have wholly entered the NFT business, fans had high hopes for JYPE since founder Park Jinyoung often insists on organic and eco-friendly products. With NFTs being harmful to the environment in the long run, many hoped that JYPE doesn’t partner up with any other NFT-creating companies.

‘We don’t want them’

One fan tweeted, “REJOICE!!! THANK GOD JYP FOR NOT JOINING THAT NFT SCAM SHZ.” Another felt hopeful, “The NFT contract with jyp and dunamu has been terminated. However they have still decided to collaborate in other ways (not sure what that means) Well for starters it’s a good sign I guess.”

One fan posted, “First good decision they make omg.” Another added, “Jyp canceling the nft deal I hope it stay like this.” A Stray Kids fan joked, “Skz chart #1 on billboard...jyp cancels the nft deal....idk sounds like direct cause and effect to me aka stray kids are saving the planet.”

Another said, “GOOD. keep that s**t away from my kids.” One fan commented, “Kindly don't find another way for enefthees, jype. We don't want them.”

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.