Ever since then, BTS and ARMY have always been known as advocates of the positive and against the bad things that affect people's lives. And that has always been maintained for more than a decade.
In particular, most recently, many ARMYs discovered that RM stood up against the wrong decisions of HYBE. His action was supported and then spread quickly on social networks.
Here's what HYBE is doing wrong and what RM is doing to oppose it:
Many ARMYs know that, HYBE and Dunamu, ḳöŕệä's No. 1 virtual äṩṩet exchange operator, have created a non-fungible token (NFT) platform. But the company's operations are showing poor performance. This is a disappointing and painful result considering it was an ambitious undertaking that Song Chi Hyung, the president of Dunamu, had planned.
Momentica, a non-fungible token (NFT) platform created by Dunamu, the operator of ḳöŕệä's number 1 virtual äṩṩet exchange, and HYBE, is showing poor performance. This is a disappointing and painful result considering that it is an ambitious work that Song Chi Hyung, the chairman of Dunamu, had planned.
Momentica is a platform that trades virtual äṩṩets that can restrict users' transactions at any time according to the judgment of Levels (a joint venture between Dunamu and HYBE) and blocks screen capture at the source. Analysts say that it is not well received by both crypto investors and idol fans because it adheres to a centrally controlled operating policy.
According to the industry, on January 23, a total of 1231 video takes (referring to digital cards made NFTs in Momentica) based on 30 different concepts of LE SSERAFIM's 2nd mini album 'ANTIFRAGILE' were released, but only 40 to 60 video takes were sold.
For $12, you can buy a 'special video pack' containing three video takes, but only 157 people purchased it. Total sales to date are estimated to be around 8 million KRW (~6,497 USD). Considering that LE SSERAFIM's official YouTube subscribers are at around 2.22 million, the demand for these video NFTs among fans is only a tiny fraction.
This seems to be because Levels can exercise firm control over user transactions. According to Momentica's terms, "Levels may, in its sole discretion, decide whether or not to allow you to trade certain or all takes with other users by providing or restricting access to certain related features on the Platform."
The terms also explain that "Levels reserves the right, without prior notice, to limit the number of Takes available, to discontinue use of Takes, or not to make Takes available to users."
Regarding this, a Levels official stated, "In order to conduct transactions between users within Levels, you must go through the KYC (customer identification) process. During the identity verification process, if it is confirmed that there are no issues related to AML (Anti-Money Laundering), users can trade, but members who do not meet the ℓєgαℓ standards cannot trade."
However, it is pointed out that it is an excessive intervention to exert control over the platform's user base for the reason of identity authentication without specifying the target of use restriction for 'users with issues.' There is also criticism that it is an expected result that crypto investors do not participate in a platform that may infringe on their property rights according to the judgment of the operator.
Also, one of the most important variables for Momentica is BTS and ARMY. These two human factors are the two most influential factors among HYBE artists and fandom. By now, many people know that BTS has a significant impact on their company. But recently, ḳöŕệän media also reported that RM made a PPT (PowerPoint) presentation to HYBE executives to change the company's policy on NFT and it received a favorable response.
His presentation made good arguments and sharp arguments for the negative influence of the NFT. Not only that, but he also received strong support from ARMY. They were strongly opposed to HYBE's NFT business. They claim that when NFT is released, carbon is emitted and can pollute the environment. This is why Levels specifically emphasizes that it uses a low-carbon, energy-efficient blockchain.
Also, there are a significant number of fans who have joined the fandom after seeing the photos, videos, and content created by other fans. This also reveals the closed nature of Momentica, as Momentica blocks the capture function throughout the app. An official from Levels explained, "This is to protect the rights of the app users and the artists' IP."
For NFTs, copying or capturing is not important, but the value is generated by 'proving that the content is original.' Thus, HYBE and Dunamu are considering NFTs as goods/äṩṩets. However, there is an evaluation that raises doubts about what kind 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 business that Levels is focusing on the most this year." Additionally, Chairman Song Chi Hyung was excused from the 2022 parliamentary audit for the reasons of a business trip to the United States for the Levels business.
But through RM's actions, it also shows that he really doesn't ignore things that affect the lives of the community. Many ARMYs are actively using RM's case as a way to support the removal of NFT:
- I think its very honorable for RM to listen to feedback and stand up against the company. NFTs have proven to not only be a huge waste of money but like crypto, they are a dαngєr to the environment.
- NFT is just a scam.
- True 95% of NFTs are/were scams. However, NFTs are not to be blamed but people misusing the technology. In same way if reckless driver drinks and drive and causes αccídєnt you would not be putting blame on the car. Same here, first generation was scammy, people jumped on the hype. The next iteration had some good examples, now big institutions are tapping into it; for example verification of luxury goods like LV bag etc, and they are good examples of how nfts can be used. I would be interested to hear RM’s thoughts. I think he is solid and detailed oriented, that would be cool. This market did not even start.
- Kim Namjoon! What a legend. He's grown into the most thoughtful person -- one of those rare people who actually learn from their experiences and become considerate as they grow. I adore everything about him.
- All the antis who tried to grill BTS over HYBE's decisions; separate the company's practices from the artist's personal beliefs, and get their names out of your mouths. What a champ.
- Why is he so вlσσdy sєхy. It definitely takes a lot to stand up against HYBE, but NFTs, at least in the way they’re planning to use them, are not it. I’m so glad to hear this