"Get Your NFT" Shinsegae Department Store, Industry's First to Give Away Self-Produced NFTs

Shinsegae Department Store NFT.

[Asia Economy Reporter Jeon Jinyoung] Shinsegae Department Store is the first in the distribution industry to create its own non-fungible tokens (NFTs) and present them to customers.

According to Shinsegae Department Store on the 23rd, to welcome the upcoming spring, they issued the theme image “Spring Vibes” as NFTs and will distribute them for free to customers using the department store’s mobile app. Five videos of blooming flowers were produced, each 10 seconds long, with 200 copies prepared for each, totaling 1,000.

From the 24th until the 6th of next month, customers using the department store app can enter once per day, and winners will be selected on the 9th of next month and sent to their NFT wallets on the 17th. Upon the first entry, customers will also receive discount coupons for Shinsegae Department Store’s food and beverage facilities.

The digital wallet to store NFTs can be issued through the Shinsegae app. By clicking the digital wallet icon on the main screen of the mobile app, users are connected to “Klip,” KakaoTalk’s digital wallet. Regardless of whether users already have a wallet or not, a one-time Klip connection is required to use the NFT wallet within the Shinsegae app.

NFTs issued by Shinsegae can be viewed with images, descriptions, and unique numbers through Klip within the Shinsegae app. Detailed guides on creating NFT wallets will be available on the app’s main screen starting from the 9th of next month.

The NFTs are images created in collaboration between American 3D artist Berenice Gorman and Shinsegae. Having worked with various global luxury brands, she newly produced the image of bright spring flowers blooming specifically for Shinsegae Department Store.

Only ownership of the NFT is transferred; secondary creation and modification are prohibited. After initial issuance, Shinsegae does not intervene in NFT transfers between wallets or secondary market transactions. Additionally, no separate benefits are provided for holding the NFTs.

In mid-March, an event is planned to give away NFTs made from Prada model photo shoots in Shinsegae Magazine for free. This offers an opportunity to own NFTs of Prada’s 2022 spring/summer season new product images.

Shinsegae expects this event to encourage the 20s and 30s generation, who are sensitive to new trends, to access and use the department store’s mobile app.

Lee Seonghwan, Executive Director of Sales Strategy at Shinsegae Department Store, said, “Shinsegae Department Store has prepared an event to be the first in the distribution industry to create NFTs and distribute them to customers,” adding, “Shinsegae, which has been attempting differentiated experiences through various digital contents, will offer customers a unique enjoyment.”