There was a performance by the group at the May 1, 2019, Billboard Music Awards in Las Vegas.
Agence France-Presse via
Despite the huge public backlash, the South Korean boy band is moving forward with their plans to produce non-fungible token.
The management agency of the seven-member K-pop group confirmed the plan to The Wall Street Journal Thursday, marking the first public comment since the criticism emerged.
John Kim, the project lead of the NFT business, told the WSJ that they believe NFTs have the potential for expansion and hope they will provide fans with more varied experiences and opportunities to express themselves.
The initial launch of the band will take place by the first half of the year 2022, according to Kim.
Fans clamor to collect physical photo cards that are released by the band. The total sales volume in the market has hit 14 billion in the year 2021.
The band's management signed a deal with a South Korean exchange in November to promote the band.
The backlash was swift even among the band's biggest fans. Negative reaction focused on the environmental impact of minting and trading NFTs, which are typically bought with digital assets.
Despite the environmental concerns, NFTs -- digital representations of artwork, sports cards, or other collectibles -- have surged in popularity this year and have caught the attention of investors from Hollywood to Wall Street.
Business Insider has an original article.
