momenta non-fungible token (NFT) platform created by DunamThe operator of Korea’s No. 1 virtual asset exchange and IT’S MOVING, shows poor performance. This is a disappointing and painful result, given that it was an ambitious undertaking Song Chi HyungThe chairman of Dunamu had planned.

Momentica is a platform for trading virtual assets that can limit its transactions at any time based on the judgment of users. Levels (a joint venture between Dunamu and HYBE) and blocks the screenshot at source. Analysts say it is not well-received by cryptocurrency investors and idol fans alike because it follows a centrally controlled operating policy.

According to industry information, a total of 1,231 videos (referring to the digital cards on which NFTs are made in Momentica) were released on January 23rd based on 30 different concepts of LE SSERAFIM’s 2nd mini album “ANTIFRAGILE”, but only 40-60 videos shooting was released. it was sold.

You can buy a “special video package” of three videos for $12, but only 157 people bought it. Total sales to date are estimated to be around KRW 8 million (~US$6,497). Given that LE SSERAFIM has around 2.22 million official YouTube subscribers, there is very little demand for these video NFTs among fans.

This is because Levels can exercise tight control over user operations. According to Momentika’s terms, “Levels may, in its sole discretion, decide whether to allow certain or all shootings to be traded with other users by providing or restricting access to certain related features on the Platform..”

The terms also explain that “Levels reserves the right to limit the number of Takes available, discontinue use of Takes, or make Takes unavailable to users without prior notice..”

In this regard, the official of Levels said that “You must go through a KYC (customer identification) process to transact between users within tiers. During the identity verification process, if it is confirmed that there are no AML (Anti-Money Laundering) issues, users can trade, but members who do not meet legal standards cannot trade..”

However, it has been argued that enforcing control over the platform’s user base due to identity verification without targeting usage restrictions for ‘problem users’ is too intrusive. There are also criticisms that it is an expected consequence that cryptocurrency investors do not participate in a platform that, in the judgment of the operator, may violate their property rights.

In addition, this is one of the most important variables for Momentica BTS, is the biggest influence among HYBE artists. BTS has significant influence in their agency and is said to be the leader RM made a PPT (PowerPoint) presentation to HYBE executives to change the company’s policies regarding NFTs and received positive responses.

BTS’s fandom ARMY has also strongly opposed HYBE’s NFT business. They stated that the release of NFTs releases carbon and can pollute the environment. Therefore, Levels separately emphasized that it uses a low-carbon blockchain that uses less energy efficiently.

There are also a large number of fans who join a fandom after seeing photos, videos and content created by other fans. This also reveals the closed nature of Momentica, as Momentica blocks the capture functionality throughout the application. An official from Levels explained, “This is to protect the rights of app users and artists’ IP.”

For NFTs, copying or capturing is not essential, but value is created by “proving that the content is original.” Thus, HYBE and Dunamu consider NFTs as commodities/assets. However, there is a questionable assessment of what technical contribution Dunamu, a “blockchain expert”, made to Momentica and HYBE.

Dunamu CEO Lee Seok Woo said in September 2022“This is Levels’ biggest focus this year.” In addition, Chairman Song Chi Hyung was exempted from the 2022 parliamentary audit due to his business trip to the US for his Levels business.

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