TriumphX, an entertainment and nonfungible token marketplace, has struck a memorandum of understanding (MOU) with South Korean fast-food giant KFC.
The partnership will focus on cooperative blockchain research with the goal of incorporating NFT technologies and improving the fried chicken business’s branding.
KFC Korea aims to use blockchain and NFT technology in its branding content, according to local media sources. Customers will receive NFTs containing a variety of digital media, including video, art and graphics, and metaverse souvenirs, from the fast-food restaurant.
TriumphX’s expertise in NFT issuance will be used to manufacture and sell KFC-themed NFTs to a consumer base that is already familiar with the brand.
KFC and fried chicken are popular in South Korea, where there are over 210 locations. According to a report published by the SCMP in 2019, the country had more fried chicken restaurants than McDonald’s and Subway locations worldwide.
TriumphX has lately teamed with a number of local artists and entertainment firms, including XPOP, a decentralized entertainment marketplace, photographer Kim Jung Man, and cartoonist Rosa Fantasy.
NFTs have exploded in popularity in 2021, with nonfungible token sales totaling $2.5 billion in the first six months of the year. This represents a significant increase above the $13.7 million in sales reported for the same period in 2020.
This year, Korea has not been left out of the NFT frenzy. Limited edition NFTs would be offered of a rare text detailing the origins and workings of the Korean writing system. Nonfungibles are also being used by the booming K-pop business to market musicians to passionate followers.
Despite the high demand for NFTs and crypto in Korea, the digital asset industry has seen increased regulation this year as financial regulators crackdown on unregulated exchanges and marketplaces.
The government has indicated that crypto exchanges that do not voluntarily register with the country’s authorities by September 24 would face penalties.