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

One NFT transaction produces 33.4 kgs of carbon dioxide which has fans pointing out the hypocrisy of 'eco-friendly' YG Entertainment

The K-pop industry is gradually entering the world of cryptocurrency and NFTs but they are being met with much resistance from fans. HYBE was first slammed by ARMY when they used BTS to promote their usage of NFTs. In early February, YG became the next major K-pop label to partner up with crypto platform Binance to turn their artists’ content into NFTs. Well, on February 23, their girl group Blackpink and another major label, SM announced their partnership with Binance.

Binance first posted a tweet sharing that they were now Blackpink fans. The girl group’s official Twitter page responded, “We look forward to our collaboration together,” hinting that their original content was to be converted into NFTs presumably for their next comeback. Hours later, it was announced that Binance had also entered into a partnership with YG’s rival, SM Entertainment. Using NFTs, SM Brand Marketing hopes to launch a ‘Play 2 Create’ metaverse for users to create their own content like games, music and other goods through NFTs and IPs (intellectual property).

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YG slammed for entering cryptocurrency, NFT industry: 'It doesn't make sense'

Why are ARMYs against NFT as HYBE uses BTS to promote cryptocurrency?

Why are K-pop fans against NFTs

NFT (non-fungible token) is a digital receipt for purchasing a digital product with cryptocurrency. The carbon footprint is shocking as an NFT transaction uses 33.4 kgs of carbon dioxide which is what countries like Denmark produce in a year. Secondly, NFTs fall under an ethically grey area with fans calling it art theft as a consumer can purchase the replica of the artist’s original product which infringes on one’s ownership.

And with the K-pop industry’s carbon footprint increasing thanks to mass-purchasing albums, YG had previously taken an eco-friendly approach for producing albums while Blackpink was selected as UN ambassadors for climate change awareness. This has led to fans calling them out on their hypocrisy.

With JYPE being the only one from the Big 3 K-pop labels to not yet enter NFT business, fans made tweets like, “@jypnation PLEASE DON'T FALL INTO THE TRAP,” and “We lost yg and sm.” One SM fan posted, “Stop making Kwangya happen.” Another added, “It's just sad that people don't realize how harmful these cryptos are to the environment, but I guess they think that the damage it's doing won't manifest probably until the next 2-3 generations.” 

'All sm groups actually disbanded'

An NCT fan commented, “Trying to prepare myself for when sm starts rolling out their crypto nft partnerships and the neos will be forced to be apart of it.” One joked, “Actually exo have been on a break for a while now and have very few fans left. it would be an awful business move to pick them.” Another said, “I really hope we stick with that "red velvet is SM's unwanted child" and don't get an nft.” 

One aespa fan shared, “Its actually almost hilarious how perfect aespa's concept is for sm to shovel nfts onto them i need to get them out of there.” Fans of other SM groups tried to hilariously get Binance to team up with Super Junior and leave their favorites alone, “Super junior wants it so bad pls partner with them.” Another tweeted, “Sorry binance :( you didnt hear but all sm groups actually disbanded :( they dont exist anymore:( no need to worry or think about them :(.”

'Blackpink is literally the ambassadors of UN'

On the other hand, Blinks (Blackpink’s fandom) made posts like, “Don't be hypocritical, BLACKPINK spoke about climate action and now you're involving their name with NFT? We don't support this sh!t.” Another fan pointed out, “I know Jennie the environmentalist was mad as she was that post about NFT on blackpink’s page.” One Blink joked, “Blackpink is an indie group being forced against their will to collaborate with NFTs or force being shelved again for a year in their contract this isn’t THEM.” 

Another added, “How the hell is this gonna strengthen the bond between fans and artist if we dont get the the most essential thing, which is MUSIC??????? #BoKyungHwang WE WANT BLACKPINK MUSIC WE DONT WANT NFT YG LISTEN TO BLINKS.” One Blink said, “Blackpink is literally the ambassadors of UN COP 26 climate change but yg using bp's acc to promote NFTs, wth????” Another shared, “IF BLACKPINK GO DOWN SO IS EVERYONE ELSE! BLINKNATION RISE AGAINNNN .” One Blink added, “Blackpink nft, nmixx music sucks, the queen is dead, taeil in his fag [cigarette] era. the world is gonna end soon fr.”

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