Leisure and nonfungible token market TriumphX has signed a memorandum of understanding (MOU) with fast-food large KFC in South Korea.
The settlement will deal with joint blockchain analysis with the intention of integrating NFT applied sciences and enhancing the branding of the fried hen outlet.
Based on reports in native media, KFC Korea plans to introduce blockchain and NFT expertise to its branding content material. The fast-food franchise intends to difficulty NFTs to its prospects comprising totally different digital codecs together with video, artwork and graphics, and metaverse collectibles.
TriumphX’s NFT issuance know-how might be leveraged to create and promote KFC-themed NFTs to a buyer base that’s already acquainted with the Kentucky Fried Hen model.
Fried hen and KFC is fashionable in South Korea with greater than 210 retailers nationwide. Based on a 2019 SCMP report, there have been extra fried hen eating places within the nation than there have been McDonald’s and Subway eating places worldwide.
The cross-chain TriumphX has partnered with a lot of native artists and leisure corporations lately together with decentralized leisure market XPOP, photographer Kim Jung Man, and cartoonist Rosa Fantasy.
NFTs have exploded in recognition in 2021 leading to $2.5 billion in nonfungible token sales within the first six months of this 12 months. It is a big improve over the $13.7 million in gross sales for a similar interval in 2020.
Korea has not missed out on the NFT craze this 12 months. Based on a Korea Instances report on July 23, copies of a priceless manuscript detailing the origins and workings of the Korean writing system might be offered as restricted version NFTs. The burgeoning Ok-pop trade can also be trying to faucet into nonfungibles to advertise artists to adoring followers.
Regardless of the demand for NFTs and crypto in Korea, there was an increase in regulation of the digital asset industry this 12 months as monetary watchdogs come down exhausting on unregulated exchanges and marketplaces.
As reported by Cointelegraph yesterday, the federal government said that crypto exchanges will face punishment in the event that they haven’t voluntarily registered with the nation’s authorities by September 24.