Employees show off gold bars made by Korea Minting, Security Printing & ID Card Operating Corp. during a publicity event at a post office in Seoul on May 2, 2019. (Yonhap)
DAEJEON, Oct. 21 (Korea Bizwire) — South Korea’s state-run minting agency said Thursday that it signed a memorandum of understanding (MOU) with a handful of domestic companies to carry out a gold-based non-fungible token (NFT) business.
To broaden the online sales channels of high-end gold products, the Korea Minting and Security Printing Corp. (KOMSCO) joined hands with Raon Whitehat, a subsidiary of security solution provider RaonSecure Co., and NFT-specialised artist group SMATh World to carry out a joint project.
Under terms of the MOU, Raon Whitehat will open an NFT exchange in November and issue the first NFT through a combination with KOMSCO’s gold.
In addition, a merged NFT that features a combination of SMATh World’s digital artworks and KOMSCO’s gold will be constantly traded through the world’s largest NFT exchange, OpenSea.
The KOMSCO expects this agreement to contribute to expanding the online sales channels of high-end gold products from Internet shopping malls to blockchain-based NFT exchanges.
Kevin Lee (kevinlee@koreabizwire.com)
