This photo provided by Cheil Worldwide Inc. shows CYPHRLY’s NFT packaging image.
SEOUL, Aug. 26 (Korea Bizwire) — South Korea’s major advertising agencies are ramping up non-fungible token (NFT) ventures in a bid to develop new growth engines.
Cheil Worldwide Inc., the advertising arm of Samsung Group, said Thursday it had signed a memorandum of understanding with U.S.-based NFT marketplace CYPHRLY, a subsidiary of South Korea’s leading cryptocurrency exchange Dunamu, to promote its brand NFT business.
Under terms of the MOU, Cheil Worldwide will be responsible for planning and designing brand NFTs for advertisers while CYPHRLY will be in charge of the development and operation of the NFTs through its platform.
The two parties will also showcase new types of NFT products and promote a variety of marketing and intellectual property businesses on the basis of such products.
Daehong Communications Inc., Lotte’s advertisement affiliate, also announced on the same day that it had released an NFT-based mobile gift certificate.
Only the owners of the certificates can check the barcodes, and the barcodes are blocked from view automatically when the certificates are used, enabling the owners to intuitively check whether or not the certificates are used.
Daehong plans to carry out a variety of NFT projects in various areas, including ticketing, membership programs, subscription coupons and luxury good authentication.
Previously, Daehong Communications acquired a 5.7 percent stake in a domestic blockchain company Blocko by investing about 5 billion won (US$3.74 million).
Kevin Lee (kevinlee@koreabizwire.com)
