A memorandum of understanding (MoU) has been signed between TriumphX, an entertainment and NFT marketplace, and the fast-food giant KFC in South Korea.
The aim of the agreement is to initiate joint blockchain research whose purpose will be to integrate NFT technologies and improve the fried chicken outlet’s branding.
As per a report published by local media, KFC Korea is planning to use blockchain and NFT technology to introduce digital collectibles. The NFTs issued by the fast-food franchise would include various digital formats like video, art and graphics, and metaverse collectibles.
KFC would be using the NFT issuance skills of TriumphX to develop a KFC-themed NFT. The NFT marketplace would also allow the fast-food franchise to sell that digital collectible on its platform.
Compared to McDonald’s and Subway, Fried Chicken and KFC are more popular in South Korea. The restaurant has over 210 outlets in the country.
According to the report, the year 2021, has mostly been dedicated to NFTs. In the first half of the year, the digital collectibles generated a revenue of $2.5 billion through sales.
On July 23, Korea Times published a report informing that soon the citizens of the country would be able to buy the limited editions of “priceless manuscript detailing the origins and working of the Korean writing system.”
Apart from that, the K-pop industry is also planning to enter into the NFT industry to prompt artists to adore fans.
Although there has been an increasing demand for NFTs and cryptocurrencies in the country, still, the industry is facing the strengthening of laws by the financial watchdogs.
The FSC made an announcement yesterday, ordering the foreign crypto exchanges to comply with the newly revised regulations of the country by September 24, otherwise, they would have to pay penalties.