Momentica NFT platform poor performance, centrally controlled, low sales, KYC process, BTS influence, ARMY opposition, capturing blocked, technical contribution questioned.
Momentica, a non-fungible token (NFT) platform created by Dunamu and HYBE, is not performing well. It is a platform that trades virtual assets that can restrict users’ transactions and blocks screen capture at the source. It was released with 1231 video takes (referring to digital cards made NFTs in Momentica) based on 30 different concepts of LE SSERAFIM’s 2nd mini album ‘ANTIFRAGILE’ but only 40 to 60 video takes were sold. Total sales to date are estimated to be around 8 million KRW (~6,497 USD).
The poor performance is attributed to the centrally controlled operating policy of Momentica, which requires users to go through KYC (customer identification) process and restricts the number of takes available. This has drawn criticism from crypto investors who feel their property rights may be infringed upon. Additionally, BTS’s fandom, ARMY, has also strongly opposed HYBE’s NFT business due to its potential environmental impact.
Momentica also blocks the capture function throughout the app in order to protect the rights of the app users and the artists’ IP. However, this closed nature of Momentica has raised questions about what kind of technical contribution Dunamu, a ‘blockchain specialist’, has made to Momentica and HYBE.
Lee Seok Woo, CEO of Dunamu, said in September 2022 that Levels is focusing on the business the most this year. Chairman Song Chi Hyung was also excused from the 2022 parliamentary audit for the reasons of a business trip to the United States for the Levels business.
Overall, Momentica is not performing as well as expected due to its centrally controlled operating policy and closed nature. While there is potential for the platform to be successful, it will require further improvements in order to meet the needs of crypto investors and fans.