HYBE Corporation's NFT Entry: A Disappointing Choice or a Greedy Decision?
The entry of HYBE Corporation into the NFT business has caused quite a stir in the tech community, especially among fans of their popular artists like BTS. There are valid arguments for both disappointment and concern about this move. Let’s dive into why this venture might be seen as a misstep and not just another smart business call.
NFTs: A Bad Idea for HYBE Corporation
Disappointment but not surprise.
In general, NFTs are not great. If you haven't yet, click here for a simple definition. HYBE Corporation, known for its money-hungry reputation, has now joined this space, bringing with it a questionable decision. What will happen to their market of teenagers when a corporation as greedy as HYBE adopts NFTs, a disadvantageous and complex crypto concept? Let’s address the reasons why NFTs are seen as a bad idea in this context.
NFTs Contradict BTS’s Environmental Values
BTS, one of HYBE Corporation’s biggest and most profitable artists, is an advocate for the environment and climate change. Just check out their campaigns for climate change awareness at events like Global Citizen Live and their partnerships with Formula E and Hyundai. BTS is out there making the world more aware of these urgent issues, while HYBE Corporation is collaborating with NFTs, a technology that takes massive amounts of electrical power to mine, contributing to climate change. This contradiction is frustrating to say the least.
NFTs are Complex and New to Teenagers' Target Market
Don’t get me wrong; I’m not saying kids are dumb, but what do you expect when they hypothetically have millions worth of cryptocurrency or even some Merch? It’s fair to say that a majority of fans are impulsive buyers and won’t think deeply enough about the whole system. Buying NFTs as an investment could be considered a form of gambling. You’re encouraging kids to engage in this without the proper research and knowledge in crypto investment. It’s not hard to imagine someone losing millions on a photocard of Taehyung.
NFTs Feed HYBE's Greedy Business Model
To be fair, HYBE Corporation’s business mindset is pretty smart, but they’re merely greedy. If you ever bought an NFT, say a digital photocard of Jimin, using a certain cryptocurrency, at this time, let’s say it was worth 100. However, over time, maybe after a few years, that same amount of cryptocurrency you just gave to HYBE is now worth 500. In HYBE’s perspective, they gave you a receipt saying you own a digital image of Jimin and received 100, which eventually turned into 500, leaving you with nothing but Jimin’s pretty face on your screen.
See how terrible this is. But we're merely consumers and individuals while HYBE is a giant corporation with millions of dollars. It’s their money, their business. Just as the saying goes, ‘sadly, this is how the rest of the world works’.
HYBE Corporation’s decision to enter the NFT world might be seen as a misstep or a greedy move. The discrepancies between their artist’s values and their corporate actions are stark, and the potential risks of NFTs to their teenage fans are concerning. Only time will tell if this venture pays off or ends as a disappointing chapter in HYBE’s corporate history.
Keywords: HYBE Corporation, NFT Business, BTS Environmental Advocacy