Cheil Worldwide, a subsidiary of Samsung, revealed on March 21, that it will enter the NFT market. The company claims to be the initial marketing agency in South Korea to step into the space. According to reports, Cheil will not only announce NFTs, but releases a marketplace to mint and trade NFTs as well.
Cheil Worldwide’s CEO and Chairman Jeong-Geun Yoo stated, “As marketing channels like metaverse and live commerce have diversified because of the latest Covid epidemic, the importance of technology-based content has mainly raised. He added that stepping into the NFT world is likely to have practical consequences.
Now, Cheil is considering cooperations with South Korea’s entertainment industry to launch NFTs. Seemingly, the company is scheduling to advertise intellectual property of different popular segments like NFT on the marketplace. These areas of entertainment are music, performances, exhibitions, K-Drama, and games.
Cheil has signed a memorandum of understanding with the South Korean entertainment company, Studio Dragons, to carry out its missions. In addition, the company is currently attracting professionals specializing in blockchain development to build its marketplace.
Yoo also stated that the company will extend its digital business in 2022. Aside from the NFT marketplace, Cheil is planning to announce metaverse content. He added that entering the NFT market gives the company an edge over other companies that still concentrate on traditional marketing media.
Cheil’s NFT plans to follow different NFT announcements from its parent company, Samsung. The previous month, for example, Samsung celebrated the release of the new Galaxy S22 smartphone and Galaxy Tab S8 by revealing NFTs. In addition, Samsung has a headquarters in Decentraland. Here, non-profit Foundation Superflus held its first metaverse protest the previous month.