Entertainment and nonfungible token marketplace TriumphX has signed a memorandum of understanding (MOU) with fast-food giant KFC in South Korea.
The agreement will focus on joint blockchain research with the aim of integrating NFT technologies and enhancing the branding of the fried chicken outlet.
According to reports in local media, KFC Korea plans to introduce blockchain and NFT technology to its branding content. The fast-food franchise intends to issue NFTs to its customers comprising different digital formats including video, art and graphics, and metaverse collectibles.
TriumphX's NFT issuance know-how will be leveraged to create and sell KFC-themed NFTs to a customer base that is already familiar with the Kentucky Fried Chicken brand.
Fried chicken and KFC is popular in South Korea with more than 210 outlets nationwide. According to a 2019 SCMP report, there were more fried chicken restaurants in the country than there were McDonald’s and Subway restaurants worldwide.
The cross-chain TriumphX has partnered with a number of local artists and entertainment companies recently including decentralized entertainment marketplace XPOP, photographer Kim Jung Man, and cartoonist Rosa Fantasy.
NFTs have exploded in popularity in 2021 resulting in $2.5 billion in nonfungible token sales in the first six months of this year. This is a huge increase over the $13.7 million in sales for the same period in 2020.
Korea has not missed out on the NFT craze this year. According to a Korea Times report on July 23, copies of a priceless manuscript detailing the origins and workings of the Korean writing system will be sold as limited edition NFTs. The burgeoning K-pop industry is also looking to tap into nonfungibles to promote artists to adoring fans.
Despite the demand for NFTs and crypto in Korea, there has been an increase in regulation of the digital asset industry this year as financial watchdogs come down hard on unregulated exchanges and marketplaces.
As reported by Cointelegraph yesterday, the government stated that crypto exchanges will face punishment if they have not voluntarily registered with the country’s authorities by September 24.