NFT’s have really taken the digital asset world by storm and there is some exciting news that could have the potential to shape the future of the industry.
NFT and entertainment marketplace TriumphX has recently signed an MOU (memorandum of understanding) with a renowned fast-food outlet KFC in South Korea. The deal is set to keep joint blockchain research as a focal point to incorporate NFT tools and boost the branding of the renowned fast-food outlet.
As stated by reports in the local press, KFC Korea aims to bring blockchain as well as NFT engineering to its branding. The fast-food company has been aiming to provide NFTs to its clients including various virtual formats which include video, metaverse, art, and graphics memorabilia.
TriumphX’s nonfungible token issuance expertise is set to be powered to build and sell NFTs with the KFC theme to a consumer base that is already familiar and comfortable with the KFC brand.
Roast chicken and KFC, in general, is quite well known in South Korea with two hundred ten outlets spread throughout the nation
As stated in a 2019 report by South China Morning Post, there were far more fried chicken-oriented outlets in the nation than there were Subway and McDonald’s restaurants throughout the world.
The decentralized exchange TriumphX has recently collaborated with various resident artists and entertainment firms. These include decentralized recreational marketplace XPOP, cartoon artist Rosa Fantasy, and photographer Kim Jung Man.
NFTs have gained mass popularity this year, leading to 2.5 billion USD in NFT sales in the first half of this year. This is a substantial increase over the 13.7 million USD sales for the same period in 2020.
Much like other opportunistic countries, Korea has also not skipped out on the NFT fad this year. As reported by a Korea Time report on the 23rd of July, copies of an invaluable manuscript listing the beginnings and mechanisms of the Korean writing system are set to be marketed as special edition non-fungible tokens. The flourishing K-pop industry is also seeking to profit from nonfungibles to promote k-pop artists to doting fans.
Despite the need for nonfungible tokens and cryptocurrency in Korea, there has been a substantial boost in the legislation of the virtual asset industry in 2021 as financial regulators come to vituperate strongly against unregulated stock exchanges and marketplaces.
According to recent Cointelegraph reports, the government declared that cryptocurrency exchanges will be faced with punishment considering they have not chosen to register with the nation’s authorities by the 24th of September.