Quick take:
- Hyundai Card has launched an NFT program as part of its digital expansion strategy.
- The company will sell a series of NFTs to fans in a pilot project that targets opportunities in Web3.
- Some of the featured NFTs include ‘Understage NFT Ticket’ and ‘Fanmade Live NFT Goods’ projects.
Hyundai Card, a credit card company owned by Korean Motor Group is foraying into the exciting world of non-fungible tokens (NFTs). The Yeoungdeungpo-gu-based services company has launched a pilot program that will test various use-cases of NFTs as part of its digital expansion strategy.
The subsidiary is following the footsteps of its parent, which announced a grand plan for the Web3 ecosystem and the metaverse earlier this year. Chung Tae-young, vice chairman of Hyundai Card said at the start of this year the company would be expanding its digital strategy beyond payments to embrace industry trends.
“In 2022, all industries are dominated by the tool of technology, and in the end, companies with technology are leading the industry.” will do it,” he said.
The company is launching pilot products to integrate NFT technology with branding including live performances and albums, tapping into a burgeoning segment of the NFT market that targets experiential entertainment.
Hyundai Card has introduced the “Understage NFT Ticket”, which grants holders of the NFT entry into live performances held at ‘Hyundai Card Understage’ in Hannam-dong, Seoul. The company is selling some of the concert tickets as NFTs to gauge fan demand and feasibility.
Moreover, the company is also bringing fan-centric merchandise dubbed the “Fanmade NFT Goods” project. This project offers NFTs to fans attending the “Fanmade Live” event through the “Hyundai Card DIVE” app.
Commenting on the program launch, Hyundai Card spokesperson said “as a leading financial technology company, we currently view NFTs as a vehicle to provide further inspiration to our members,” adding that the company was assessing ways to further engage NFTs and plan to issue NFTs that offer exclusive experiences to fans.
The company has also launched a Twitter page called “HyundaiCard MINTS” dedicated to NFT marketing projects.
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