KFC Korea and TriumphX Marketplace Sign Agreement to Develop NFT Content

Jul 23, 2021

The entertainment and non-fever token marketplace TriumphX has signed a Memorandum of Understanding (MOU) with the fast food giant KFC in South Korea.

The deal focuses on joint blockchain research with the aim of integrating NFT technologies and strengthening the fried chicken store brand.

According to reports in local media, KFC Korea plans to introduce blockchain technology and NFT into its branded content. The fast food brand intends to offer NFTs to its customers, including a variety of digital formats including videos, art and graphics, and Metaverse collections.

TriumphX’s NFT emissions expertise will be used to develop and sell KFC-themed NFTs to a customer base already familiar with the Kentucky Fried Chicken brand.

Fried chicken and KFC are popular in Korea with more than 210 stores across the country. There are more fried chicken restaurants in the country than McDonald’s and subway restaurants worldwide, according to a 2019 SCMP report.

Cross-chain TriumphX recently partnered with a number of local artists and entertainment companies, including decentralized entertainment marketplace XPOP, photographer Kim Jung Man and animator Rosa Fantasy.

Connected: KFC launches blockchain pilot for digital advertising and media buying

NFT’s popularity skyrocketed in 2021, resulting in $ 2.5 billion in unusable token sales in the first six months of that year. This is a huge increase from $ 13.7 million in sales for the same period in 2020.

Korea didn’t miss out on this year’s NFT craze. As the Korea Times reported on July 23, copies of a priceless manuscript detailing the origins and functioning of the Korean writing system are being sold as limited edition NFTs. The burgeoning k-pop industry is also trying to use phifungibles to turn artists into avid fans.

Despite the demand for NFTs and cryptocurrencies in South Korea, regulation for the digital asset industry has increased this year as financial watchdogs take heavy control of the exchanges and the market is unregulated.

As Cointelegraph reported yesterday, the government has stated that sanctions will be imposed on crypto exchanges if they do not voluntarily register with the country’s authorities by September 24th. .

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