BlueberryNFT Signs Memorandum of Understanding for 'NFT Content Collaboration' with Hyundai Department Store

[Asia Economy Reporter Jang Hyowon] Blueberry NFT announced on the 9th that it has signed a memorandum of understanding (MOU) with Hyundai Department Store regarding NFT collaboration.

With the signing of this MOU, Hyundai Department Store will focus on discovering promising content with market potential and attempt to develop distribution content using digital platforms.

Blueberry NFT will promote ON & OFF model projects related to the NFT business and provide necessary data and technical support to facilitate smooth progress of the NFT business.

In particular, both companies plan to design NFT experience services and events that customers can easily understand, and Blueberry NFT’s new services or content-related projects will be preferentially applied to Hyundai Department Store.

NFTs are showing rapid market growth due to reasons such as investment in future value and the desire for ownership. According to the Financial Times, the global NFT market size increased 40-fold from $1 billion (approximately 1.198 trillion KRW) in 2020 to about $40 billion (approximately 47.92 trillion KRW) in 2021.

In Korea, various companies are also entering the NFT content business. Wemade made a strategic investment in the limited-edition digital content provider 'XbyBlue,' and Krafton entered the NFT business by investing 3 billion KRW in XbyBlue’s parent company, 'Seoul Auction Blue.'

Blueberry NFT is conducting NFT business by securing domestic professional sports intellectual property (IP), and especially for the global project, Sportium Project, it has attracted angel investments from world-renowned blockchain angel investors such as Animoca Brands and Deeper Labs.

Additionally, by establishing its subsidiary Blueberry Auction, it operates Korea’s first NFT-exclusive art gallery and collaborates with trendy artists such as pixel art leader Ju Jaebeom to also advance the art NFT business.

A company representative said, "As the NFT market gradually grows and related businesses also show growth trends, Blueberry NFT is very pleased to promote NFT business projects together with Hyundai Department Store, a leading company in the domestic distribution industry," adding, "We will do our best to discover content with market potential and provide NFT services that meet consumer needs by joining forces."