Joseph Hwang
1. Photocards
Have you ever encountered the term "Banpo Zai"? If this is the first time you have, you likely are either unfamiliar with or a novice within the K-pop fandom culture.
"Banpo Zai" is a slang term in the K-pop fandom community. If this is the case, it would be beneficial to ascertain whether you are conversant with the term "photocards." It can be reasonably assumed that the reader knows these are cards featuring portraits of athletes from American professional sports leagues. This is what is meant by the term "photo cards."
The production and distribution of photocards indicate the formation of a league in which the models depicted in these portraits are continuously engaged. When this league is a sports league or any other league favored by the public, then the protagonists of that league are collectible to the public if they appear in a publicly recognized stage of activity. If the protagonists are sports stars, then a constant pool of players must exist for the public to have a plethora of options from which to choose. Consequently, the supply of photocards has resulted in a consistent pool of players. The collection of photo cards can be considered a form of gambling. The value of a product is contingent upon the availability of a diverse range of choices and the capacity for continuous trade.
Banpo Zai is the designation of a branded apartment complex situated in Banpo-dong, Seoul, South Korea. The property symbolizes scarcity, as it is not within the financial reach of the general public and is therefore inaccessible to those with considerable wealth, given the limited number of units available. In K-pop fandom, the word "deokjil" is used colloquially to describe the enthusiastic and devoted fans' activities. As this phenomenon, K-pop fans collect photographs of their favorite group members. Those that are prohibitively expensive or, even if within one's financial means, not readily available in limited quantities are referred to as "Banpo Zai."
2. Unofficial
The question thus arises as to why K-pop artists' photo cards have become so valuable, or at the very least, so collectible, that they have been designated by the term "Banpo Zi."
When consumers purchase merchandise associated with a specific artist, it is typically official merchandise authorized by the artist's management. Furthermore, these official products are generally sold in large quantities. However, economic value is frequently derived from scarcity. In instances where fans exhibit a high degree of loyalty to a particular star and demand for their merchandise outpaces supply, the value of that merchandise can experience a significant increase. In such circumstances, unofficial merchandise frequently possesses greater economic value than its officially sanctioned counterpart, due to the scarcity of the former.
Photo cards may be considered an example of an unofficial product. It should be noted that the sale of these items is made possible by the star's endorsement. However, compared to other merchandise, the extent of this endorsement is confined to a limited, private audience. In this sense, the most readily available and valuable are the selfies that K-pop stars take of themselves. Portraits of K-pop idols created from these selfies are traded at considerable prices. Most of these items are sold via online auctions, with many fans applying a special transparent coating to their rare photographs to preserve their originality.
The unofficial nature of a rare star photo that no other individual possesses significantly contributes to its economic scarcity. Additionally, an autograph from the star to the photograph can increase the price that fans are willing to pay. As previously stated, the fans may consider themselves fortunate if they can obtain one, regardless of its authenticity. In 2021, a photograph card from the Butter Album event, which was limited to the Butter Full Lucky event, belonging to BTS member Jungkook was auctioned on eBay for approximately 3.7 million South Korean won.
3. Artist's Privacy
The economic value of an artist is derived from scarcity to a greater extent the more famous they are. Such scarcity value stems from the artist's secrets or the mundane details of their life that are not publicly accessible. The artist's right to privacy is an asset in itself. The most protected privacy is also the most economically valuable, which is, why the sale of celebrity merchandise and the distribution of media articles about celebrities often give rise to social problems.
For fans, a portrait of a K-pop idol is not merely a photograph; it is a highly coveted item. Furthermore, the value of unofficially released portraits is often incomparable, and the intense enthusiasm of fans to purchase them can sometimes result in an unsustainable market. The formation of a bubble inevitably results in harm to one or more parties. The potential for conflict exists regardless of whether the issue concerns the idol star or their fellow fans.
A photograph of a K-pop idol has become a form of security. As a form of property, they generate value and there is a market for them to be traded for monetary compensation. Photo cards have become a means of accumulating wealth. This value creation is a direct result of the fans' behaviors themselves. As long as this phenomenon persists, it is inevitable that artists' private lives will continue to be scrutinized by their fans, and the fans' excessive worship will remain a significant issue.
* References and Quatations:
https://www.newsis.com/view/NISX20240319_0002666051
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