Samsung and SKT jumped in...NFT, will it light up again? > NFT_News KDCA(한국데이터공인인증원)

From social media such as Instagram to domestic and foreign big tech such as Samsung Electronics, Line, and SK Telecom, all entered the non-fungible token (NFT) market. NFT is a digital asset based on blockchain technology and has received great attention since last year. However, the atmosphere has changed this year. NFT prices have plummeted, trading volume has fallen, and "NFT bubble theory" has been raised. In the meantime, large companies seem to be more interested in NFT. Why is that?

◆What's going on? = As large companies came out, the popularization of NFT has accelerated. It has started to lower the NFT threshold by posting its NFT on social networking services (SNS) and allowing it to be purchased without cryptocurrency.

SKT's NFT trading platform "Top Port," which debuted on the 3rd, emphasizes user convenience. It is easy to sign up with PASS (co-development and operation of three telecommunications companies), a self-certification app used by more than 36 million people in Korea. Topport houses 3,000 works by NFT artists such as "Kansong Metabus Museum" and "kdk." Unlike other NFT exchanges, it is also an advantage to be able to trade in won. An official from SKT explained, "We will also add functions such as personal transactions and NFT gifts while preparing for the official launch in the first half of next year."

Samsung Electronics is using NFT for TV and smartphone sales. It has decided to present 'New Galaxy NFT' to those who reserved Galaxy Z Fold 4 and Flip 4 that are scheduled to be released on the 10th. Samsung Electronics is going to reveal specific ways to use NFT after Galaxy Unpack. Earlier this year, the Consumer Electronics Show (CES) also unveiled 'Smart Hub', a TV software equipped with the NFT platform.

Instagram has introduced a feature that allows users to post NFTs they publish or own on Instagram. It was first introduced in the U.S. in May and has been applied to more than 100 countries, including Korea, since this month. An Instagram official explained, "If you upload NFT, NFT writers are automatically tagged and you can see the description of the work."

◆ Why is this important? = According to research firm SkyQuest, the global NFT market is expected to reach $15.7 billion (about 20.51 trillion won) last year and $122.43 billion (about 159.94 trillion won) by 2028. The way traditional companies have shown interest in the rapidly growing NFT market so far has been "collaboration." It's because the entry cost is low and you can enjoy word-of-mouth effects. Recently, however, there is a reason why tech giants have become more active in the NFT market.

BAYC (Boring Monkey's Yacht Club), one of the most famous NFT projects in the world, is a representative partner that many traditional companies want to join hands with. Traditional fashion companies such as Gucci and Adidas have also been successful in collaboration with BAYC. However, the strength and limitation of such projects is that they are distributed only to minority enthusiasts or coin investors. As of the 9th, the cheapest NFT is 84ETH (Etherium), which is about 195 million won. This means that it is very rare, but it was a difficult market for the general public to access even if they were interested in NFT.

Line Next, a subsidiary of Line, is planning to release a beta version of its NFT trading platform "City" this month. "City" collaborates with 26 companies, including Visa, Shinsegae, and CJ ENM. It aims to grow into a platform that can develop and distribute various NFTs by utilizing intellectual property rights (IP) and contents of partners.

◆ From now on, the overall trading volume of the = NFT market is decreasing and prices are falling.However, it seems that large companies will continue to make inroads.

Ground X, Kakao's blockchain affiliate, also established an NFT alliance called 'Grid' last month. Fifty companies, including Kakao affiliates, Cheil Worldwide, AmorePacific, Shinhan Bank, and Daewoong Pharmaceutical, will participate in the "Grid." Although it did not disclose specific business plans, the company's goal is to "make NFT actually available in various fields such as distribution, entertainment, and beauty." KT is planning to introduce the NFT platform 'Minkle' app on the web, which was introduced as a beta service in April.

Hong Ki-hoon, a professor of business administration at Hongik University, said, "In the end, these movements have something in common that they approach their business as if they are adding NFT to their business," and added, "For companies, they will continue to try to incorporate NFT into their existing businesses."

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