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Samsung affiliated advertising firm Cheil Worldwide enters NFT business
Cheil Worldwide, a firm under Samsung Group that specializes in shopper marketing, sports marketing, digital marketing, and more, has confirmed that it is entering the NFT industry business. The firm was established in South Korea and claims to be the "first among major domestic advertising companies to enter the non-fungible token (NFT) business."
Cheil Worldwide plans its NFT expansion
According to the advertising industry, on March 21st, Cheil Worldwide will not only issue NFTs but also launch a marketplace where investors and NFT enthusiasts can trade them. Although it is an advertising company, it has abundant human resources to enter the NFT market, as discussed in the recent shareholder meeting.As per the report from ChosunBiz, Cheil Worldwide partnered with Studio Dragon, a subsidiary of CJ ENM, in April last year to strengthen marketing and branding by leveraging the K-drama craze and also plan secondary content businesses such as performances, exhibitions, and games derived from the primary content drama. It would be interesting to see how the recent NFT expansion of the firm percolates its other deals as well.
New hirings
Cheil Worldwide is also planning to hire personnel related to blockchain and the NFT space. Moreover, since the 14th, it has been recruiting experienced positions in developing NFT/blockchain software for overseas masters and doctoral students. Recruited candidates will design and build blockchain platforms and other related projects which will allow mining of NFTs and more.Cheil Worldwide is all set to expand into the metaverse and take part in the NFT industry. Moreover, CEO Yoo Jeong-Geun of the Samsung owned firm said:
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, and advertisers are concentrating their marketing on channels with practical results and are continuously demanding to strengthen their efficiency.
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