KT's platform for trading NFTs opens next month

Tech

Published: 08 Feb. 2022, 15:57

KT's platform for trading NFTs opens next month

KT will start its non-fungible token (NFT) trading platform KT NFT next month. [KT]

KT will open its non-fungible token (NFT) trading platform KT NFT next month, kicking off with NFTs of webtoons and web novels published by its web content subsidiary KT Storywiz.

KT NFT platform will start as a beta service for the first half of this year as laws on cryptocurrencies and digital assets are still in the process of taking shape in Korea, the telecom company said on Tuesday.

It will offer webtoon and web novel NFTs and then expand to other assets that KT owns, ranging from sports to real estate. Detailed plans have not been decided, according to a KT spokesperson.

The telecom has been accelerating its digital asset businesses in recent months.

Its Kosdaq-listed internet service subsidiary, KT Alpha, signed an agreement with the Korea Real Estate Investment & Trust (Koreit) and crypto trading platform Huobi Korea on Jan. 14.

Through the deal, the three companies will jointly develop a trading system for virtual real estate assets and other items.

On Jan. 17, the company also carried out a 400-billion-won ($334 million) stock swap with Shinhan Bank to collaborate on artificial intelligence (AI) and the metaverse. Through the deal, KT acquired a 2.1 percent share of Shinhan Financial Group and Shinhan Bank acquired 5.46 percent of KT shares.

On Jan. 22, KT sold five digital NFT cards of its baseball team KT Wiz to celebrate its first-ever winning of the Korean Series last year.

“NFT is an important keyword to lead digital innovation, but we need a healthy ecosystem for the long term growth of the industry as a whole,” said Kim Young-sik, senior vice president of KT’s digital transformation unit. “KT will lead the ecosystem using the capabilities and assets that it owns."

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]