Cheil Worldwide, a subsidiary of Samsung, announced yesterday, March 21, its entry into the NFT market. The company claims to be the first marketing agency in South Korea to enter this market. Cheil will reportedly not only issue NFTs, but also launch a marketplace for minting and trading NFTs.
“As marketing channels such as metaverse and live commerce have diversified due to the recent corona pandemic (global pandemic), the importance of technology content has increased significantly,” said Cheil Worldwide CEO and President Jung Geun Yoo. He added that entering the space NFT is likely to bring practical results.
Samsung’s Cheil partners with Studio Dragons for NFT
Cheil is currently considering partnering with the South Korean entertainment industry to release NFTs. Apparently, the company plans to promote intellectual property from several popular sectors as NFTs in the market. These entertainment sectors include music, performances, exhibitions, K-Drama, and games.
To fulfill its mission, Cheil has already signed a memorandum of understanding with South Korean entertainment company Studio Dragons. In addition, the company is currently recruiting specialists with experience in blockchain development to create its own market.
Yu also revealed that the company will expand its digital business in 2022. In addition to the NFT marketplace, Cheil also plans to release metaversive content. He added that entering the NFT market would give the company an edge over other companies still focused on traditional marketing tools.
Cheil’s NFT plans come amid several NFT announcements from parent company Samsung. Last month, for example, Samsung celebrated the launch of the new Galaxy S22 smartphone and Galaxy Tab S8 tablet by giving away NFTs. In addition, Samsung has its headquarters in Decentraland. Here, the non-profit foundation Superflus held the first-ever protest in Metaverse history last month.