South Korean crypto exchange plans 'eco-friendly' NFTs for K-pop fans
The head of South Korea's biggest cryptocurrency exchange has promised that its non-fungible tokens featuring K-pop stars BTS will be "eco-friendly" after a backlash from environmentally conscious young fans.
Upbit launched its crypto art marketplace in November and plans to release a range of NFTs featuring members of BTS in a joint venture with the boy band's management company, Hybe.
But members of the band's powerful young fan base have criticised NFTs and the crypto industry in general over the energy consumption involved in mining and tracking ownership of the tokens.
Sirgoo Lee, chief executive of Upbit's operator Dunamu, told the Financial Times in an interview that the joint venture with Hybe would use "low carbon, eco-friendly" technology to mint the NFTs.
BTS ranks among the music industry's most-profitable artists, boosted by tens of millions of fans world-wide who eagerly snap up band-branded face masks, figurines and even McDonald's chicken nuggets. HYBE generates more than $200 million a year in merchandise and licensing sales, with BTS by far the biggest contributor.
$McDonald's(MCD.US$ $Bit Digital(BTBT.US$ $Ebang International(EBON.US$ $Coinbase(COIN.US$
Source: Financial Times
But members of the band's powerful young fan base have criticised NFTs and the crypto industry in general over the energy consumption involved in mining and tracking ownership of the tokens.
Sirgoo Lee, chief executive of Upbit's operator Dunamu, told the Financial Times in an interview that the joint venture with Hybe would use "low carbon, eco-friendly" technology to mint the NFTs.
BTS ranks among the music industry's most-profitable artists, boosted by tens of millions of fans world-wide who eagerly snap up band-branded face masks, figurines and even McDonald's chicken nuggets. HYBE generates more than $200 million a year in merchandise and licensing sales, with BTS by far the biggest contributor.
$McDonald's(MCD.US$ $Bit Digital(BTBT.US$ $Ebang International(EBON.US$ $Coinbase(COIN.US$
Source: Financial Times
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