South Korean crypto exchange plans eco-friendly NFTs for K-pop fans

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Upbit, the largest crypto exchange in South Korea has promised crypto enthusiasts that NFTs featuring
Okay-POP Star BTS will be environmentally friendly. This assertion was made in response to the reprisal from young fans that are environmentally conscious.

After launching its crypto NFT marketplace last year in November, Upbit now plans to release a variety of NFTs. The NFTs will feature members of BTS in collaboration with Hybe, a boy band management firm.

However, members and the powerful youthful fan base of the band have always been vocal about their concerns regarding crypto and NFTs. They’ve been known to criticize the massive energy consumption the industry uses to mint, mine, and monitor ownership of tokens.

Chief executive operator Dumamu of Upbit, Sirgoo Lee, in an interview with the Financial Times satisfactorily addressed the situation. He claims that the partnership with Hybe would make use of eco-friendly and low carbon technology to mint the NFT collections.

Lee also asserted that the NFT marketplace developed last year in November uses a blockchain technology designed by Lambda256, a Dunamu subsidiary.  Lambda256 claims that the

Luniverse blockchain which Upbit’s NFT marketplace is established uses 99% less energy compared to the leading Ethereum blockchain.

The very first NFT sold on the Upbit NFT marketplace, an illustration of a woman carrying a cat was designed by Chankor. The art is titled Mirage Cat 3 and was sold for approximately $170,000 worth of Bitcoin.

According to Luniverse, the energy consumed by its network of blockchain systems, NFTs included, was calculated to be approximately 842.53kWh every year. This is roughly the same amount of energy used up by a US residential utility consumer every month.

South Korea undoubtedly has one of the largest cryptocurrency assets in the world. In fact, the Korean Won is said to be the third most used fiat currency used to trade bitcoin just after the U.S dollar and Yen. According to data provided by Coinhills, the Korean Won accounts for about 3.5% of global trading.

During the interview with Financial Times, Lee also affirmed that there’s still the need for more global actions against cyber theft and money laundering. He recounted the popular Upbit hack that took place in 2019 which saw hackers steal Ethereum worth $49 million.

He believes every exchange’s nightmare is waking up and realizing they’ve been hacked and all investors’ money gone.