FSN Signs Business Agreement with Chorokbam Media on NFT and Metaverse Projects

[Asia Economy Reporter Jang Hyowon] FSN, a company listed on KOSDAQ, announced on the 17th that it has signed a Memorandum of Understanding (MOU) for mutual cooperation in NFT and metaverse businesses with Chorokbaem Media.

This agreement was made with the intention of collaborating on business based on the synergy between FSN’s proprietary blockchain and metaverse specialized technology and network, and Chorokbaem Media’s content and entertainment business divisions. FSN plans to provide Chorokbaem Media with research materials on blockchain overall and various know-how necessary for conducting NFT projects, while Chorokbaem Media will connect and expand the metaverse universe between the two companies through affiliated artists and other owned IPs of the NFT projects it is preparing.

Having successfully launched the PFP NFT projects ‘Sunmiya Club’ and ‘Happier Town,’ FSN expects to showcase various NFT projects in the future by expanding the NFT domain from K-pop and character fields to the media content sector through this business agreement. Chorokbaem Media is also actively developing new businesses in multiple directions with various partners, including expanding the digital content sector by securing excellent IPs and integrating blockchain (NFT) and metaverse technologies with content. FSN’s blockchain-related technology and know-how are expected to be a great asset in this regard.

Chorokbaem Media is a media content specialized company recognized in domestic and international markets, producing various media contents including dramas such as ‘My Liberation Notes,’ ‘One Day,’ ‘Penthouse,’ ‘My Mister,’ ‘All In,’ and ‘Jumong.’ Since last year, it has been actively building an NFT and metaverse ecosystem using its own content, and is preparing to launch NFTs based on its own IP in June.

Since last year, FSN has been accelerating its NFT business through ‘Finger Labs,’ a blockchain specialized research institute of its subsidiary Hand Studio. This year, it has rapidly expanded its blockchain business by consecutively selling out the PFP NFT projects Sunmiya Club and Happier Town NFTs. In particular, it has been receiving steady attention by building a metaverse world for holders and providing a roadmap and benefits that encompass both crypto and fandom. In fact, in the case of Sunmiya Club, even about 80 days after minting, it is actively traded on the world’s largest NFT marketplace ‘OpenSea’ at prices at least five times higher than the minting price.

Lee Sangseok, Co-CEO of FSN, said, “By collaborating with Chorokbaem Media, which is leading K-content, FSN Group’s NFTs will be able to expand into various fields.” He added, “Since Chorokbaem Media is also actively entering the NFT business, we will provide blockchain-related know-how held by FSN to create a structure where both companies can win.”