The entertainment agency behind the world’s current most popular boy-band BTS, HYBE, announced Friday that it has moved forward with plans to issue NFTs, despite facing public outrage over the move.
Plans to launch BTS NFT photocards were revealed last month, which resulted in HYBE facing backlash from fans who expressed concerns over its environmental impact. Millions of the K-pop band’s fans protested the move and threatened to boycott the company as a result.
However, in a statement given to the Wall Street Journal Friday, HYBE confirmed BTS’ upcoming entry into the NFT market. John Kim, project lead at HybeAmerica, told WSJ:
“We believe NFTs have the potential for expansion and hope they will provide fans with more varied experiences and opportunities to express themselves.”
One of the most prominent acts in the world, the Kpop band BTS has broken several records in the industry. The band, consisting of seven members: RM, Jin, Suga, JHope, Jimin, V, and JungKook, debuted in 2013 and made their breakthrough in the American music scene in 2017.
BTS merchandise is hugely popular amongst fans and is mostly sold out as soon as it hits the market. HYBE has made immense profits as a result, posting revenue of about $200 million in 2021 alone.
As per the report, the NFT photocards will be released in the first half of 2022.