Quick take:
- Cheil Worldwide has launched an NFT project in collaboration with SMATh.
- The Samsung group subsidiary is dividing deeper into web3 to strengthen its NFT-based IP business.
- SMATh is an NFT professional group of five artists who deal with 3D design, stage art, and illustration.
Cheil Worldwide has partnered with NFT group SMATh World to strengthen its NFT-based intellectual property (IP) business. SMATh is a group of 5 artists involved in the design, stage art and illustration. It has agreed to team up with the Samsung Group subsidiary to develop an NFT-based IP business and cooperate in marketing campaigns.
Commenting on the new project, n official from Cheil Worldwide said, “We plan to expand cooperation with various partners in the tech sector, such as NFT and Metaverse.”
Some of the projects being considered for the new partnership include making props and costumes using SMATh’s NFT IP and selling them at home and abroad. The props will also appear in advertisements made by Sheil Worldwide.
The announcement comes at the back of SMATh’s launch of the Nomad EP on the NFT distribution service ‘Clip Drops’, which sold a total of 1,500 works.
The SMATh World Genesis NFTs are available on OpenSea. According to statistics, the collection reached a record high floor price of 8.4 ETH in April.
NFTs are unique digital representations of artwork, music files, video clips, or collectibles, traded on the blockchain. Since last year, the industry has gained more traction amid the influx of celebrities and the growing use cases.
This year, global brands have pounced on the opportunity to expand their product offering to the digital arena, creating an extra line of revenue. Other brands have joined for the purpose of improving engagement with the modern consumer.
Cheil Worldwide is looking to tap into the opportunity created by the explosive growth of the space.
Although the market has recently slowed resulting in a significant decline in NFT prices, venture capital continues to flow in with leading VC firms looking to capitalise on the crypto downturn.
The Cheil Worldwide official expressed optimism in the industry saying “We expect that business opportunities in the NFT field will expand through cooperation with SMAS, which has the ability to develop characters and worldviews by blending art with technology.”
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