This is not a post about the environmental effects of NFTs or other Cryptocurrencies, there's a million articles already by far more analytical people than myself on that topic.
Instead, this is a thread to talk about the potential massive fall out from several companies venture into NFTs and the overall Metaverse cryptocurrency market.
Right now, multiple major SK entertainment companies are in the process of launching their own NFT platforms, partnering with NFT platforms or minting their own NFTs. From the big names we've got
there are more, but I want to highlight that a lot of the major companies are doing work related to NFTs (SM is probably the most vocal of the groups, but all of them seem to be at varying levels of very into it.)
The reason I am making this post is that recently (as within the last month) two major NFT platforms in South Korea have come out as major ponzi schemes that have cost investors and purchasers millions. On top of this, through out 2021 and 2022 there's been several major pump and dump schemes across various crypto currencies costing buyers and platform holders in the hundreds of millions and upward of billions of dollars.
Now, why does this matter? Cause minting and providing NFTs costs money, it costs a lot of money and the chance of that money not be recouped is a lot higher than I think a lot of these entertainment companies are considering. Which in turn relates over to their major sources of income, their artists.
So I feel there's a very real possibility for these entertainment companies to take some really heavy hits due to crypto (Hybe has already gotten hit from their game production.) and I feel like they might try to offset that with a lot more work than in necessary for their main stable source of income (The Idols.)
