KFC plans to promote its brand to Koreans using non-fungible tokens.
TriumphX, a non-fungible token market and entertainment platform, has signed a memorandum o’ understanding (MOU), with KFC in South Korea.
The agreement will be focused on joint blockchain research, with the goal of integrating NFT technology and improving 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. KFC Korea plans to issue NFTs to customers that include different digital formats, including video and art, as well as metaverse collectibles.
TriumphX’s NFT issuance expertise will be used to create and sell KFC themed NFTs to a customer pool that is already familiarized with the Kentucky Fried Chicken brand.
KFC and Fried Chicken are popular in South Korea, with over 210 outlets across the country. According to a 2019 SCMP report, there were more fried chicken restaurants in the country than there were McDonald’s and Subway restaurants worldwide.
TriumphX, a cross-chain chain, has partnered recently with a variety of local artists and entertainment businesses, including XPOP, Kim Jung Man, a photographer, and Rosa Fantasy, a cartoonist.
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 an enormous increase on the $13.7million in sales in the same period in 2020.
The NFT craze in Korea is not over. 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. K-pop’s burgeoning industry is looking for nonfungibles to help promote artists to their 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.