KFC Korea Signs a Contract With NFT Marketplace TriumphX To Build NFT Content

Triumph, a nonfungible token (NFT) and entertainment marketplace, has contracted with KFC of South Korea (a prominent fast food platform) through an MOU (memorandum of understanding). The focus of the agreement will be the mutual blockchain research that will target the NFT technologies for integrating and increasing the market of Kentucky Fried Chicken through promoting the food brand among the Koreans via the use of nonfungible tokens.

The local media reports state that KFC Korea intends to issue an NFT and blockchain technology containing the branding content of the company, which will comprise several digital formats such as graphics, art, video, as well as metaverse collectables. Simultaneously, the awareness about TriumphX will also be benefitted through the creation and sale of the NFTs, which will be based on the theme of KFC to introduce the former company among the consumers of the latter brand.

KFC is a prevalent food outlet in South Africa, possessing over 210 outlets across the country. An SCMP report of 2019 mentioned that there were more restaurants of fried chicken as compared to the McDonalds as well as Subway restaurants across the globe. A number of the entertainment firms and local artists have been done partnerships with TriumphX cross-chain recently, including XPOP (a decentralized marketplace for entertainment), cartoonist Rosa Fantasy, and Photographer Kim Jung Man.

NFTs have become famous in 2021 following the sale of up to $2.5B valuing nonfungible tokens during the earlier six months period of the year. The increase went higher from $13.7M at the same point in 2020. This year, Korea has also shown active participation in the trend of NFTs. Korea Times, on 23rd July, has shared a report about the copies of an invaluable manuscript which comprises of the origins of the writing system of Korea, to be sold as NFT through a limited edition. Another aim of the rapidly increasing K-POP market is making its way to enter into NFTs for getting promotion among the fans.

Although the requirement for NFT is spiking in Korea, there is a need of regulating the industry of digital assets as the regulators are warning to take strong actions against the unregulated or faintly-regulated exchanges around the marketplace.

It was reported yesterday that the government announced to punish the crypto exchanges which have independently submitted the applications for their registration under the authorities of the country before the 24th of September.