One key icon in 2021 pop culture is the sensational K-Pop group BTS. The boy band consisting of 7 members who can both sing and dance have taken over the world, amassing tens of millions of followers in music hotspots like the United States and Europe. They’ve had 2 songs this year reach number one on the Billboard Hot 100, appeared on every talk show imaginable, performed at some of the biggest concerts and shows this year, and even got their own McDonalds meal. 2021 has been full of success for them, and they are looking to carry it on into 2022, even if it comes with some controversy.
BTS and their management agency have decided to release special NFTs into the market, allowing fans to own them and sell them as usual. This isn’t uncommon: many celebrities and pop stars have placed their stake in the NFT market, but BTS fans were unhappy with it. A small population was unfamiliar with NFTs, which is uncommon these days. The biggest problem for the fans was the environmental impact of NFTs as they consume a lot of energy, something we’ve discussed multiple times before. This has sparked a major backlash from fans, who are mostly environmentalists, with anti-NFT Twitter hashtags trending. Either way, the management agency said in a statement that they will continue as planned, so it’s a matter of which affects them the most: controversy and backlash, or profit and publicity. Do you think this is a good move?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.