Leisure and nonfungible token market TriumphX has signed a memorandum of understanding (MOU) with fast-food big KFC in South Korea.
The settlement will deal with joint blockchain analysis with the goal of integrating NFT applied sciences and enhancing the branding of the fried rooster outlet.
In keeping with studies in native media, KFC Korea plans to introduce blockchain and NFT know-how to its branding content material. The fast-food franchise intends to difficulty NFTs to its clients comprising completely different digital codecs together with video, artwork and graphics, and metaverse collectibles.
TriumphX’s NFT issuance know-how will probably be leveraged to create and promote KFC-themed NFTs to a buyer base that’s already conversant in the Kentucky Fried Rooster model.
Fried rooster and KFC is widespread in South Korea with greater than 210 shops nationwide. In keeping with a 2019 SCMP report, there have been extra fried rooster eating places within the nation than there have been McDonald’s and Subway eating places worldwide.
The cross-chain TriumphX has partnered with plenty of native artists and leisure corporations not too long ago together with decentralized leisure market XPOP, photographer Kim Jung Man, and cartoonist Rosa Fantasy.
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NFTs have exploded in reputation in 2021 leading to $2.5 billion in nonfungible token gross sales within the first six months of this 12 months. It is a big enhance 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. In keeping with a Korea Instances report on July 23, copies of a priceless manuscript detailing the origins and workings of the Korean writing system will probably be bought as restricted version NFTs. The burgeoning Okay-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 a rise in regulation of the digital asset trade this 12 months as monetary watchdogs come down exhausting on unregulated exchanges and marketplaces.
As reported by Cointelegraph yesterday, the federal government acknowledged that crypto exchanges will face punishment in the event that they haven’t voluntarily registered with the nation’s authorities by September 24.