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March 21, 2022

Cheil, a subsidiary of Samsung, Enters the NFT Market

The South Korean Non-Fungible Token (NFT) scene is set to expand much further. Cheil Worldwide, a marketing agency within the Samsung corporation, has announced its desire to be the first advertising organization to join the NFT industry.

According to ChozunBiz, a South Korean news outlet, the advertising firm wants to not only issue NFTs but also to develop a marketplace for trading and minting digital assets.

Cheil is also interested in collaborating with the country’s thriving entertainment industry. It intends to promote intellectual property from K-Drama, music, performances, exhibitions, and games in its marketplace as NFTs. The agreement will considerably benefit from an MOU struck with Studio Dragons, one of the country’s hottest entertainment firms at the moment.

Cheil Worldwide has set a goal of expanding its digital business by 2022, according to CEO and President Jeong-geun Yoo. The NFT business and the creation of metaverse content are on the agenda for the year. Yoo stated at a recent general shareholders’ meeting:

As marketing channels such as metaverse and live commerce have diversified due to the recent corona pandemic (global pandemic), the importance of tech-based content has greatly increased.”

He also stated that entering the NFT industry had the potential to yield practical outcomes. He also stated that entering the NFT sector has the potential to provide the organization with long-term viability even when demand for other traditional marketing media declines.

The subsidiary of Samsung is following in the footsteps of its parent firm. Samsung has been promoting the use of NFTs. Earlier this year, the business unveiled a series of smart TVs that can be used to view and trade NFTs.

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According to certain estimations, the Asian continent has not been left out of the NFT market’s above 200 percent increase. Chainalysis, a crypto market and blockchain intelligence organization, reported that the combined regions of Central, Southern, and Eastern Asia account for around 37% of global traffic to the NFT marketplace, OpenSea.

According to some observers, Asia’s interest in NFTs will only grow. This is the view of Yahudah Petscher, the NFT relations strategist at NFT data aggregator CryptoSlam, who anticipates NFT transaction volumes on the continent grow more than 100x.