Well, it looks like every industry wants a piece of the NFT action, as now TriumphX (an entertainment as well as NFT marketplace) and globally recognized fast-food chain, KFC, have now come together to sign a new MOU (memorandum of understanding).
The deal between the two shall focus primarily on researching blockchain in a collaborative effort, with the goal being to successfully integrate non-fungible token technologies so that the overall branding of KFC can be improved.
KFC to implement NFTs and blockchain
KFC Korea will now be introducing NFT and blockchain technology in order to enhance the restaurant’s branding content. The immensely popular franchise has plans of issuing NFTs to customers, which will comprise various digital formats such as art, video, graphics, as well as metaverse collectibles.
To that end, KFC Korea will be using TriumphX as the marketplace has plenty of technical knowledge and experience regarding issuing NFTs, and so this expertise shall be leveraged in an attempt to generate and subsequently sell NFTs which will be KFC-themed, with the main target audience being KFC’s own customer base.
The fast-food franchise has over 200 outlets in South Korea, and it had been reported in 2019 that there is an abundance of fried chicken outlets in the nation, even more so than there are Subway and McDonald’s restaurants globally.
An explosion of NFTs
The craze surrounding non-fungible tokens in 2021 has skyrocketed ever since the year began, with over $2 billion being generated via NFT sales from January to June alone. In comparison, the same timeframe for last year had only witnessed $13.7 million being earned in sales.
As such, South Korea has done everything in its power to ensure that it doesn’t miss out on this craze either. In fact, just earlier today, it had been reported by Korea Times that a seemingly priceless manuscript that outlined the workings, as well as origins of Korea’s writing system, was said to be sold as NFTs (limited edition). Moreover, the country’s globally renowned and recognized K-pop industry has additionally expressed interest in NFTs to further promote the local artists.
Nevertheless, the nation’s government has not relented on increasing regulations for crypto and digital assets in South Korea, with financial watchdogs initiating intense crackdowns on unregulated marketplaces and exchanges alike. Governmental authorities had also announced that the exchanges should face extreme penalties if they refuse to voluntarily register themselves latest by the 24th of this upcoming September.