Cheil Worldwide (a subsidiary of Samsung Global Group) has announced that it will soon launch an NFT marketplace in South Korea. Cheil will become the first advert firm in south Korea’s NFT sector when this launch happens. Thus, fueling the fast growth of the NFT sector in the Asian nation.
Launching A Complete NFT Marketplace
The local news outlet, ChozunBiz, stated that Cheil plans to issue NFTs and launch an NFT platform for the minting, buying, and selling of these digital collectibles. The advertising firm intends to collaborate with entertainers in the country to promote their works as NFTs through its NFT platform.
This news of the launch will serve as good news for entertainers in the music, drama, and games industry who would leverage this opportunity to enter the NFT market. Already, the advert firm is signed its first partnership deal in the entertainment industry. It has partnered with studio dragons, the most famous entertainment firm in South Korea right now.
ChozunBiz further reported that Cheil has started recruiting blockchain developers for its NFT platform. Commenting on the development, Jeong-Guen Yoo (Cheil’s chief executive) said, “the executive management board of Cheil worldwide has agreed that we would use this year to extend the reach of our products and services. “Part of it involves this expansion into the NFT space and later on, the creation of content for the metaverse,” he added. Yoo made the comments during his speech at the company’s latest shareholders’ annual general meeting.
Following Samsung’s Footsteps
Yoo added that “the COVID-19 pandemic forced most marketing media firms (notably Metaverse and Live commerce) to switch their game. Thus, tech-based content is no longer avoidable but an integral part of our world right now.” he also said, “our entry into the NFT space would be hugely beneficial. First, we can easily track our performance and results in this space. Also, it gives “the staying power” especially as other marketing media are folding up.”
Cheil is only following the footsteps of its parent firm, Samsung. Since this year, Samsung has been making various moves in the NFT market. Two months ago, the famous electronics company launched the first set of smart TVs where owners can view and trade NFTs.
The Rapidly Growing Asian NFT Market
As the global NFT market has grown by nearly 250% in the last few months, the market is also growing rapidly in Asian countries. The latest data on the popular on-chain analytics platform, Chainalysis, showed that the Asian content accounts for nearly 40% of the global traffic to the popular NFT platform, OpenSea.
Many crypto industry analysts agreed that the influence of the Asian continent over the NFT market would only keep increasing. In a recent interview, a top-level executive with CryptoSlam, Yahudah Petcher, predicted a 1,000% increase in the NFT trading volumes across Asian countries within the next two years. He said, “I honestly believe that the boom in the NFT market across Asia hasn’t started yet. I can confidently say that NFT trade volumes will be 100x the current volume.”