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#BoycottHybeNFT: HYBE announces plans to enter the NFT market, and K-pop fans are not happy

By Hannah Mallorca Published Nov 05, 2021 5:16 pm

HYBE chairman Bang Si-hyuk announced the company's plans to enter the non-fungible token business.

In the 2021 HYBE Briefing with Community virtual event, Bang said the company will set up a joint venture with Korean crypto exchange Upbit to create NFT photocards. The photocards will feature moving images, voices of its artists, and BTS-related content. These digital collectibles will be traded via the fan-to-artist communication app Weverse.

Bang also revealed that the company plans to get rid of existing photocardsand introduce digital photocards which will have their own unique registration numbers. This method will also be “introduced” to the agency's music.

Aside from entering the NFT market, HYBE announced that BTS, TXT, and Enhypen will be featured on fantasy web novels that will be published on WebToon and Wattpad.

Following HYBE's virtual event, K-pop fans expressed their disappointment over the entertainment agency's future plans. The hashtags #BoycottHybeNFT and #ARMYsAgainstNFT also trended on social media.

Twitter user @aha_jk_unless claimed HYBE is “using us” and “they just see us as drones who will bend to the will of anyone.”

Meanwhile, @hobihobiiiii, @army_bangtastic, @thksunshine called out the entertainment agency for its recent business venture, saying they “only want music.”

On the other hand, @inlovewbright_ and @xcx1997 expressed their concern about HYBE’s business plans. They also lamented over the entertainment agency losing its passion for music.

Twitter user @solovely_eunmi voiced out their frustration over HYBE’s entry into the NFT market, saying it’s “destroying the future of the youth.”