secondA non-fungible token platform (NFT) powered by DunamoKorea’s main digital asset buying and selling operator, and HIBE, underperforming. Considering this was an bold endeavor, it was a disappointing and painful end result. Song ZhihengDonamo’s boss, he had anticipated it.
Momentica is a digital asset buying and selling platform which will limit customers’ transactions at any time at its sole discretion degree (a three way partnership between Dunamu and HYBE) and stop font screenshots. Analysts mentioned it has not been fashionable with cryptocurrency buyers and idol followers due to its adherence to a centrally managed working policy.
According to business sources, on January 23, LE SSERAFIM’s second mini-album “ANTIFRAGILE” recorded a complete of 1,231 movies (referring to digital playing cards made with Momentica’s NFT), primarily based on 30 completely different ideas, however solely 40 had been launched. Up to 60 movies. Sell.
A “particular video pack” of three movies was out there for $12, however solely 157 folks purchased it. Total gross sales to date are estimated at round 8 million gained (roughly US$6,497). Given that LE SSERAFIM’s official YouTube subscribers are roughly 2.22 million, fan demand for NFT movies is just a fraction.
This seems to be as a result of ranges can impose tight controls on person transactions. According to Momentica, “Levels could, in its sole discretion, permit you to transact with different customers, or by offering or limiting entry to sure related options on the Platform as required.. “
The time period additionally statesLevels reserves the proper to restrict the variety of Takes out there, discontinue use of Takes, or now not present Takes to customers with out discover.. “
In response, the Levels worker said, “For transactions to happen between customers inside a layer, they have to undergo a KYC (Know Your Customer) course of. During the identification verification course of, whether it is confirmed that there isn’t any anti-money laundering downside, the person can conduct transactions, however members who don’t meet the statutory circumstances can not conduct transactions.. “
However, it was deemed overly intrusive, controlling the platform’s person base for authentication functions with out setting the objective of limiting the use of “downside customers”. There have additionally been criticisms that it’s a foregone conclusion that cryptocurrency buyers is not going to take part in a platform the place operators resolve at their very own discretion whether or not to infringe their property rights.
Also, one in all the most essential variants of Momentica is BTS, who’s the most influential amongst HYBE artists. BTS has a lot of affect on their brokerage firm, so it’s mentioned that the chief is RM who gave a PPT (PowerPoint) presentation to the executives of HYBE, modified the firm’s policy on NFTs, and acquired a optimistic response.
BTS fan ARMY additionally strongly opposed HYBE’s NFT transaction. They mentioned that the issuance of NFT will emit carbon and pollute the atmosphere. This is why Levels has independently confirmed its use of a low-carbon blockchain that effectively makes use of little or no vitality.
Additionally, a massive variety of followers be part of fandoms after viewing pictures, movies, and content material created by different followers. This additionally reveals the closed nature of Momentica, as Momentica blocks seize performance for the whole utility. A Levels workers defined: “This is to shield the rights of app customers and the mental property of artists. “
For NFT, it isn’t essential to copy or seize, what’s essential is to create worth by “proving that the content material is authentic”. Therefore, HYBE and Dunamu deal with NFT as a commodity/asset. However, there are assessments that query what sort of technical contributions Dunamu made to Momentica and HYBE as a “blockchain skilled”.
Dunamu CEO Lee Seok Woo in September 2022“This is the work that Levels is most centered on this 12 months.” In addition, Chairman Song Zhiheng will likely be exempted from Congressional evaluation in 2022 due to his Level enterprise journey to the United States.