South Korean Arm Of Fast Food Giant Cooks Up NFT

The South Korean arm of KFC has signed a memorandum of understanding (MOU) with entertainment and nonfungible token (NFT) marketplace TriumphX.  

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 expertise will be tapped to create and sell KFC-themed NFTs to a massive customer base that is already familiar with the popular Kentucky Fried Chicken brand.

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 the first half of 2021, resulting in US$2.5b sales, a whopping increase over the US$13.7 million in sales for the same period in 2020.

South Korea has not missed out on the NFT hype this year. According to a Korea Times report, 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 NFTs to promote artists to adoring fans. 

Despite the demand for NFTs and crypto in South 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.

According to media reports, the South Korean government stated that crypto exchanges will face punishment if they have not voluntarily registered with the country’s authorities by September 24.