momentaryA non-fungible token is created by the platform (NFT). DunamoKorea’s main digital asset change operator and HIBE, exhibits low effectivity. This is a disappointing and painful end result as that is an formidable work. Song Chi HyungDonamo’s boss had a plan.
Momentica is a digital asset buying and selling platform that will prohibit consumer transactions at any time at its sole discretion degree (a three way partnership between Dunamu and HYBE) and prevents font screenshots. Analysts say it has not been effectively acquired by cryptocurrency buyers and idol followers because it follows a centrally managed working policy.
According to Industry, on January twenty third, a whole of 1,231 movies primarily based on 30 completely different ideas (referring to digital playing cards made in Momentica’s NFTs) have been recorded for LE SSERAFIM’s second mini-album “ANTIFRAGILE”, however solely 40 to 60 movies have been launched. . bought
For $12 you should purchase a “particular video bundle” with three movies, however solely 157 folks purchased it. Total gross sales to date are roughly 8 million Korean Won (roughly US$6,497). Considering that LE SSERAFIM has round 2.22 million official YouTube subscribers, the demand for NFT movies amongst followers is just a fraction.
This seems to be the case as a result of layers can tightly management consumer transactions. According to Momentica’s phrases, “Level might, in its sole discretion, resolve whether or not to permit you to transact with different customers or as vital by offering or limiting entry to sure related options on the Platform.. “
Terminology additionally saysLevels reserves the proper, with out prior discover, to restrict the quantity of Techs accessible, to cease utilizing the Techs, or to make the Techs accessible to customers.. “
In this regard, a degree worker stated, “In order to transact between customers in Tiers, they need to undergo a KYC (Customer Identification) course of. During the identification verification course of, whether it is confirmed that there isn’t any AML problem, customers can commerce, however members who don’t meet the authorized standards can’t commerce.. “
However, it’s cited as overreaching to management the platform’s consumer base for the function of identification verification moderately than aiming to prohibit use for “downside customers”. There can also be criticism that cryptocurrency buyers won’t take part in a platform that, at the operator’s discretion, might infringe on their property rights.
Also, one of the most vital varieties of Momentica is BTS, which is the greatest affect amongst HYBE artists. BTS has nice affect in their company, so RM gave a PPT (PowerPoint) presentation to HYBE executives, altering the company’s insurance policies on NFTs, and acquired a constructive response.
BTS fan ARMY additionally strongly opposed HYBE’s NFT deal. He famous that when NFTs are issued, carbon is emitted and might pollute the setting. That’s why Levels has independently confirmed that it makes use of a low-carbon blockchain that successfully consumes little or no vitality.
Also, there are a massive quantity of followers who be part of the fandom after seeing photographs, movies and content material created by different followers. It additionally reveals the closed nature of Momentica, as the Momentica block captures performance throughout the app. A degree worker defined:This app is supposed to defend the rights of customers and mental property of artists. “
For NFT, copying or capturing will not be vital, however worth is created by “proving the content material to be authentic”. Thus, HYBE and Dunamu deal with NFTs as commodities/property. However, Dunamu, a “blockchain skilled”, has a questionable evaluation of his technical contributions to Momentica and HYBE.
Dunamu CEO Lee Seok Woo stated in September 2022“That’s the work that is been most centered on this 12 months.” In addition, President Song Chi-hyung was exempted from parliamentary scrutiny for 2022 due to a enterprise journey to the United States for degree enterprise.