Everybody say NO to Hybe NFTs
Everybody say NO to Hybe NFTs
Hybe Corporation, in their latest Community Update on 2021.11.03, announced that they would be transitioning to NFT (non-fungible tokens) for artist items (example: photo card). These NFTs would be digital content linked to the blockchain, i.e. the digital database underpinning cryptocurrencies. NFTs are proof of ownership of a digital item. They are supposed to be a way for artists to control rights and reproductions of their work. Sounds good, right? So what's the big deal? Why are we petitioning for Hybe to stop this plan for merch and music? First a very brief overview of each in relation to NFTs.
Merch: assigning a value to digital works isn't new, but NFTs are the "hot" new way for artists to sell their work and directly financially benefit. But is the work protected? No. Most purchases of art NFTs are done anonymously, and even when someone purchases an NFT that does not stop other people from re-creating it (i.e. reproducing) and even reproductions have been known to be sold as NFT. It's a legal rabbit hole. The idea is sound, but the security of the work is not.
Music: the purpose of NFTs for musicians is to cut the streaming services out and sell directly to the consumer. It also is a way for the work to be directly linked, verified in the blockchain, to the creator.
It's also a status thing. People think it's cool to "own" whatever they spend $$$ on via an NFT.
So OK, lots of artists and musicians are venturing into NFTs, so of course Hybe would want to get in on the action. But, there's one catch. Their highly successful group, BTS, ARE SDG AMBASSADORS. BTS members traveled to the UNGA on 2021.09.20 to provide a historic 3rd speech (and performance of PTD) in support of Sustainable Development Goals (SDG) which include key areas such as energy, climate, science & technology (there are 17 in total, check it out on the UNGA website).
BTS also announced that they will be "serving as a bridge between the future generations and present generations in order to achieve the Sustainable Development Goals". Hybe planning to peddle NFTs for BTS photo cards, for hybe artists' music - this would be in direct conflict with being sustainability role models!!! Naturally ARMYs (BTS fanbase) could not remain silent while the members are at risk of being branded hypocrites! In addition, the impact of NFTs on the environment is significant, and if we are going to come together in support of SDGs and sustainability, we must speak up against the damages caused by NFTs.
Digiconomist estimates a single Ethereum transaction’s carbon footprint at 33.4kg CO2 while an NFT transaction is 48 kg CO2. They estimate a single Ethereum transaction is roughly equivalent to 74,000 VISA transactions! Cryptocurrencies, as they are currently, are counterintuitive to sustainability goals, and using NFTs, which are powered by cryptocurrencies, CONTRIBUTES TO SIGNIFICANTLY INCREASED ENERGY USE! And while Ethereum is working to change from the energy intensive proof of work system (POW) to the proof of stake (POS, thought require less energy) or possibly "batching" the blockchains to save energy, it still does not nullify the fact that jumping on the NFT bandwagon now is going against sustainability goals and in fact works against the environment. In addition, fans are unlikely to purchase these works as evidenced by #ARMYSagainstNFT and #BoycottHybeNFT on twitter.
By signing this petition, you are asking Hybe to pause the planned venture into NFTs for its artists products, all products, until there is a defined, verified sustainable, earth-friendly way for NFTs to be used. Please understand, Hybe, that even with environmentally friendly NFTs you are likely not to have the sales you wish because the NFTs for basic items are not what fans desire. We can't put an NFT photo card in our phone case!
Hybe: Please support the message your artists have stood on the world stage to pronounce is important to each of them and their fandom! The environment, the climate, sustainability, OUR WORLD'S HEALTH, is more important than the latest trendy money-making tokens. YOU CAN BE A LEADER, OR A FOLLOWER. Please sincerely choose the path of sustainability and support the SDGs, as BTS has promised to do at the 2021 UNGA.