What does a stablecoin represent?

A stablecoin represents a specific type of cryptocurrency whose value has to be pegged to a specific reference asset. Stablecoins are either fiat-backed, commodity-backed, or cryptocurrency-backed.

What is an algorithmic stablecoin?

Algorithmic stablecoins are exclusively pegged to the various assets' values via smart contracts. That grows or lowers their overall supply established on their present market values.

What are the different types of stablecoins?

There are different types of algorithmic stablecoins that we'll cover and that you need to know: Fractional-algorithmic, Seigniorage, Rebase.

How to measure algorithmic stablecoins?

If you are eager to determine their effectiveness, here is what you need to know: Incentives, Governance, Token adoption rate.

What is the difference between collateralized and algorithmic stablecoins?

The main difference between collateralized and algorithmic stablecoins is that collateralized ones are kept stable utilizing collateralized assets. On the other hand, algorithmic stablecoins are still stable using smart contract algorithms.

What are the main pros of algorithmic stablecoins?

Having more stability than any other asset currently on the market, much easier to obtain numerous crypto asset exchanging platforms, an investment that's eligible for beginners and professionals as well.

What are the main cons of algorithmic stablecoins?

Not being supported by the real assets, Provisory on demand for keeping the particular value, There is no guarantee of price stability for keeping the true value.

What are the most popular algorithmic stablecoins?

TerraUSD (UST): It is supported by the famous LUNA (Terra). 1 UST is able to be minted by burning the same amount of LUNA: 1 US$ LUNA = 1 UST, DAI: Ethereum-based stablecoin whose price is pegged to the US$.

By Liliana Smith Last updated Nov 15, 2023

What is Sunmi NFT, and what is the controversy around it?

Table of Contents

On Saturday, March 19, we could see a new K-pop NFT launched. We are referring to Sunmi NFT, in which NFT tokens serve as a way to participate in everyday lottery draws. We have seen a similar concept with the Lucky Block NFTs.

However, when it comes to the k-pop music industry, this practice was not so common so far. Actually, fans of ultra-popular Korean pop singer Sunmi had a lot to say about her decision to create the metaverse NFT project.

They were referring to the harmful effects of NFT ecosystems and the speculative nature of the market. Also, they were pointing out that the singer is neglecting the fact her fans are not into this kind of speculative game and that she’s only focusing on investors’ needs and benefits.

In the following lines, we give you a complete overview of this controversy.

What is the Sunmi NFT controversy?

Sunmi NFT represents a collection of tokens featuring the face of the Korean singer Sunmi. The collection counts 10,000 tokens. It is also one of the first launches of this kind in the Korean NFT k-pop space.

The project was created on the Ethereum blockchain and raised great attention. However, the project has seen a lot of backlash from fans. So what was it all about?

According to Sunmi’s fans, the singer only had in mind BFT investors and not her fans, who are not so familiar with NFT investing. Also, they raised the question of the bad environmental consequences these NFTs can have.

So that’s how Sunmi and her record label came under fire, creating the Sunmi NFT scandal. In response, Sunmi claimed on her official Sunmi Twitter account that her only goal was to entice engagement with her fans. But this, as you can see on the thread, will largely cause improved anti kpop NFT reactions from k pop fans.

Namely, you can find on Twitter the anti kpop nft thread created by the user ia.@seolarjupiter. In this thread, he explains the NFT purposes and exposes all its cons and disadvantages.

He enlists the reasons why one shouldn’t invest in NFTs and why these are taking advantage of dedicated kpop fandoms and welcome his followers to engage in and spread the information exposed.

Some of the specified reasons against investing are environmental destruction through power consumption, rife with scams, and rampant art theft. He describes NFT investing as a predatory practice. If you read the thread, you will see opinions like K-pop companies are relying on young fans to entice them to engage in speculative activities.

How could Sunmi NFT be harmful to the environment?

One of the main arguments Sunmi fans had against the Sunmi NFT launch was its harmful effect on the environment. And the environment has been a hot topic of debate for several years, and it has been proven that any record entered into the Bitcoin or Ethereum blockchains requires significant computation and a phenomenal amount of computing power. Sunmi NFT is not an exception to this, of course.

All NFTs share a harmful trait with their crypto-currency cousins: they both consume a lot of energy. Thus, the widespread trading of NFTs and other blockchain-based assets is not necessarily an environmentally friendly process.

In fact, a recent study from the University of Cambridge suggests that anything involving blockchain is highly unsustainable from an environmental perspective due to the amount of energy used. BTC mining generates approximately 38 million tons of CO2 per year. It’s far more than the carbon footprint of Slovakia. And Nature Climate Change 2018 study found that BTC emissions could raise Earth’s average temperature by two degrees.

While it’s clear that NFTs currently have a huge environmental impact, there are ways they can become more sustainable in the future. Starting with reducing the impact of the blockchain used.

Ethereum is moving from proof-of-work (PoW) to proof-of-stake (PoS) to secure its blockchain and verify transactions, which by association, will make NFTs more sustainable.

Sunmi NFT storytelling

storytelling

This NFT is based on a membership concept. Owners of Sunmi NFT become the NFT creators, and the goal is to build a community that supports Sunmi’s work in the metaverse. The art of the project is Sunmiya club, where the main character is Miya. She finds a secret door leading to the mysterious city of Sikiro. She enters and sees that entertainment and music are prohibited.

Miya gets locked in the crystal because she tries to entertain the inhabitants with her singing. She is screaming for help, but nobody responds. But once she touched the surface of the crystal, people started hearing her singing and came to her rescue. The singing made people search for a door and come together to her rescue.

The ecosystem of this NFT is separated into two parts. In the first part, called Following the voice, we see the start of Miya’s journey and the moment when she enters through the secret doors.

There are three door types that gradually open. These are called Door to Undercity, Door to Techa, and Door to Outlaw. There are 5000 doors available for minting. In part two of season one, which is called following the universe, MIYA gets to the city of Techa, then into the underground zone of Undercity, and finally to the lawless area of Outlaw. In season two, under the name of Following, the voice passes through the doors traveling from planet to planet. The doors and planets are shared with other brands and companies as a part of the collaboration.

Sunmi NFT Tokenomics

Items 10K
Creator earnings 7.5%
2,021 owners
20% unique owners
floor price 0.588 ETH
average price 0.596 ETH
sale volume approx 2.28K ETH

Who is Sunmi?

Sunmi, whose real name is Lee Seon Mi, was born on May 2, 1992; she is 27 years old. Sunmi was born in South Korea, in Iksan. She started working as an artist in the group Wonder Girls in 2007 under the agency JYP Entertainment. Wonder Girls then consisted of five girls, but in January 2017, they broke up. Sunmi’s history in this group is rather complicated. She joined the group in 2007, then left it in 2010 to focus on her group, then returned to the group in 2015 before it broke up.

Sunmi has not spent these ten years only being part of the Wonder Girls group. She will also do her first solo called “24 Hours’. ‘ When Wonder Girls broke up, Sunmi took the opportunity to change labels, so she signed with Makeus Entertainment, which is still her current label.

In August 2017, Sunmi released the title Gashina. It is thanks to this song that I know Sunmi: this song literally renewed Sunmi’s audience. This song is of unstoppable quality, the clip is breathtaking, and the voice of Sunmi is irreplaceable.

Sunmi will make her comeback with a single titled “Heroine” on January 18, 2018, and the song will be accused of plagiarism20. She described the single as a prequel to “Gashina” 21. On September 4, Sunmi released her second EP titled Warning with the track “Siren,” which concludes the trilogy previously started with “Gashina” 22. The song went all-kill on 6 Korean music charts.

On January 6, 2019, MakeUs Entertainment announced the dates and cities for the first world tour “SUNMI THE 1ST WORLD TOUR ‘WARNING.’

On February 6, 2020, Sunmi unveiled the digital single “Gotta Go” the song will be used for the OST of the web series “XX.”

Sunmi released a new single, “TAIL,” in February 2021, which features two new songs, including the title track with the same name as the single. It won’t take her long to return to the stage, 6 months after the release of her last title, Sunmi announces her return on August 6, 2021, with her 3rd mini-album, “1/6,” featuring the title song “You Can’t Sit With Us” as well as 4 unreleased songs and his song “Borderline” which has been rearranged for the occasion.

How to purchase Sunmi NFT?

If you want to buy Sunmiya Club NFT, you can do it on the OpenSea NFT marketplace. Here are the steps.

First, you need to create a profile on the Open Sea website. You will need to choose the wallet. Opt for the Kaikas wallet and connect it with your Opensea account. Once you have completed this step, you can pick up the Sunmi NFT to purchase.

Then you will have to download Kaikas wallet. Also, you can make an offer to purchase the NFT. Once you decide to make the offer, you insert the bid price. If you want to buy the NFT tokens, put them in your cart and, go to the checkout, press “confirm.”

Also, you will need to deposit funds into your wallet, transfer them from another wallet, or exchange or use your credit card. Once your funds are deposited into the wallet, you need to convert KLAY into WKLAY coins and confirm the purchase.

Sunmi NFT FAQ

What is SUNMI NFT?

What is the Sunmi NFT controversy?

Sunmi and her record label came under fire, creating the Sunmi NFT scandal. Some of the specified reasons against Sunmi NFT are environmental destruction through power consumption, K-pop companies relying on young fans to entice them to engage in speculative activities.

How much is the floor price of SUNMI NFT?

At this moment, the floor price of SUNMI NFT is 0.588 ETH

What NFT category represents SUNMI NFT?

It’s a PFP token, also called profile picture NFT. It’s a project based on 10K MIYA’s journey.

Where can you buy SUNMI NFT?

You can purchase it in a few easy steps using the Open Sea NFT market space once you open the account and connect your digital wallet to it.