Cheil Worldwide, a subsidiary of Samsung has just announced that it is entering the NFT market.
The marketing agency, as reported by ChozunBiz, a South Korean news outlet, will not only mint NFTs but also create an NFT marketplace for trading digital assets.
Cheil will also partner with the entertainment industry and plans to promote intellectual property from K-Drama, music, performances, exhibitions, and games as NFTs.
The agreement will also leverage an MOU struck with Studio Dragons, the country’s leading entertainment firm at the moment.
According to ChozunBiz, Cheil has also started recruiting professionals in the blockchain industry to develop the platform.
Cheil Worldwide’s CEO and president Jeong-Geun Yoo, has announced the company’s digital expansion plans for 2022.
“As marketing channels such as metaverse and live commerce have diversified due to the recent corona pandemic (global pandemic), the importance of tech-based content has greatly increased”
The CEO of Cheil believes that entering the NFT market will allow the company to remain in play as traditional marketing agencies face a significant decrease in demand.
Samsung has been quick to hop on the Web3 craze, making multiple deals and partnerships in that direction this year.
Samsung launched a metaverse called “My House” as well as launched a virtual store on Decentraland. Samsung also announced a partnership with Theta Network, to give NFT from Theta Labs to the South Korean consumers on their pre-orders of Samsung’s Galaxy S22 and Tablet S8.
