Chorokbaem Media Signs MOU with TikTok NFT Business Partner 'Fandom Foundation' to Launch Full-Scale NFT Business

[Asia Economy Reporter Yoo Hyun-seok] Chorokbaem Media announced on the 30th that it has signed a partnership agreement with Fandom Foundation (hereinafter referred to as Fandom) to promote NFT content activation and global market distribution business based on intellectual property (IP).

Fandom is TikTok's NFT business partner, and the two companies have previously signed a business agreement to promote a platform business that develops, provides, and operates a series of value-added services as well as NFT creation, distribution, and trading.

Through this business agreement, Fandom plans to solve copyright issues where short-form content created by TikTok creators is consumed once or shared indiscriminately. Within the platform, creators will be able to build personal communities to strengthen communication with fans, while also supporting service planning and development to secure new revenue models based on content.

Fandom is preparing to launch a ‘SocialFi’ platform through the ‘Fandom’ project, enabling popular creators on the TikTok platform to issue their videos as NFTs and build individual social communities.

Chorokbaem Media plans to issue its IP-based videos as short-form NFTs and utilize them as ‘digital goods’ through the business agreement with Fandom. This will establish a strategic digital distribution foundation that proves Chorokbaem Media’s IP competitiveness.

Regarding the joint business, Chorokbaem Media will provide competitive content and IP, while Fandom will be responsible for blockchain-based technology support for NFT issuance and distribution, as well as the NFT marketplace. The two companies plan to cooperate in various fields such as joint marketing and branding for NFT content activation and the NFT marketplace.

A Chorokbaem official stated, “Fandom plays an important role in promoting TikTok’s NFT business, and this business agreement is expected to create synergy effects in the strategic partnership between the global video-sharing platform ‘TikTok,’ which has over 1 billion users worldwide, and Chorokbaem Media.” He added, “This means that Chorokbaem Media will fully commercialize drama revenue based on its own IP, and since each NFT token has unique value, it can provide fans with a special experience of directly owning a ‘limited edition.’”