HYBE founder on BTS fans’ NFT concerns: “As of now, we haven’t announced anything”
completemusicupdate.comFounder of HYBE – the company behind BTS – Bang Si-Hyuk says that he recognises the concerns of music fans regarding NFTs. He adds that, as yet, the company “haven’t announced anything” super specific in that domain, although that doesn’t mean it won’t.In a new interview with Time Magazine, Bang reflects on the reaction to an announcement by HYBE last year that it planned to launch its own NFT exchange in the future.
The responses from the stock market and K-pop fans were very different, he notes.“When we said we were going to pursue an NFT exchange, the market reacted with enthusiastic welcome, but fans showed concern and at times aggressive feedback”, says Bang. “All I’d like to say to fans is: As of now, we haven’t announced anything.
We haven’t [publicly] discussed what kind of product we would service or what type of product we would make, although I fully understand the concern”.Investors are keen on NFTs for their perceived quick financial returns, while others (not just BTS fans) see environmental concerns – because of the high amount of energy consumed through the running of NFTs and the blockchains on which they sit – as a reason to avoid them at all costs.However, Bang adds, one of the reasons the company opted to launch its own NFT exchange, rather than partnering with an existing platform (although it is working in partnership with NFT exchange operator Dunamu) was in part so that the company could “respond directly to fan concerns”.“I’m thinking a lot about policies and technical measures that can reflect these concerns as well”, he says.
Still, having floated HYBE on the stock exchange two years ago, he notes that this is one example of how you have to balance the different demands made on a publicly.
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