S. Korea’s ad agencies are turning to NFT ventures as a new driver of growth

S. Korea’s ad agencies are turning to NFT ventures as a new driver of growth

South Korea’s major advertising agency, Cheil Worldwide Inc. and Daehong Communications Inc. boosting non-fungible token (NFT) is invested in the development of new growth drivers.

Cheil Worldwide, a subsidiary of South Korea’s leading cryptocurrency exchange Dunamu, has signed a memorandum of understanding with US NFT market CYPHRLY, to promote its brand of NFT business.

CYPHRLY is a subsidiary of the leading South Korean cryptocurrency exchange Dunamu,

Under the terms of the agreement, Cheil Worldwide will be responsible for the planning and brand design of NFTs for advertisers, while CYPHRLY will develop and manage NFTs through its platform.

Based on such products, the two parties will also introduce new types of NFT products and promote various marketing and intellectual property businesses.

Daehong Communications Inc., a subsidiary of Lotte Advertising, also announced the release of an NFT-based mobile gift certificate.

Daehong intends to implement a wide range of NFT projects, including ticketing, membership programs, subscription coupons and luxury good authentication.

Daehong has invested about 5 billion won (US$3.74 million) to acquire a 5.7 percent stake in domestic blockchain company Blocko.

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