Samsung’s Cheil Plans To Release NFTs And An NFT Marketplace

Cheil Worldwide, a subsidiary of Samsung, announced yesterday, March 21, that it is entering the NFT market. The company claims it is the first marketing agency in South Korea to foray into the space. Reportedly, Cheil will not only release NFTs but also launch a marketplace to mint and trade NFTs.

“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,” said Cheil Worldwide’s CEO and president Jeong-Geun Yoo. He added that entering the NFT space is likely to yield practical results.

Samsung’s Cheil partners with Studio Dragons for NFTs 

Currently, Cheil is considering partnerships with South Korea’s entertainment industry to release NFTs. Apparently, the company is planning to promote intellectual property from several popular sectors as NFTs on the marketplace. These entertainment sectors include music, performances, exhibitions, K-Drama, and games. 

Already, Cheil has signed an MOU with the South Korean entertainment firm, Studio Dragons, to fulfil its missions. Besides, the company is presently recruiting professionals with expertise in blockchain development to build its marketplace. 

Yoo further said that the company will expand its digital business in 2022. Apart from the NFT marketplace, Cheil is also planning to release metaverse content. He added that foraying into the NFT market will give the company an edge over other companies still focusing on traditional marketing mediums.

Cheil’s NFT plans come on the heels of several NFT announcements from its parent company, Samsung. Last month, for instance, Samsung celebrated the launch of the new Galaxy S22 smartphone and Galaxy Tab S8 by giving away NFTs. Besides, Samsung has an HQ in Decentraland. Here, non-profit Foundation Superflus held the first-ever metaverse protest last month.