Thu. Oct 6th, 2022

Credit card companies are expanding their steps to the NFT market to target the MZ generation and create future food. Amid the rapid growth of the NFT market around the younger generation, credit card companies have started to introduce related services through their own or collaboration.

Hyundai Card applied for the ‘Concrete’ trademark for NFT business
On the 12th, Hyundai Card recently applied for a trademark application named “KONKRIT.” Trademark rights were classified as telecommunications. Hyundai Card has been quiet about commercialization, but the industry sees it as an application for trademark rights for NFT business.

Hyundai Card has introduced a pilot service that combines NFT with branding activities such as performances and albums. Similar military code designated products applied by Hyundai Card include “virtual world-related digital file transfer business” and “virtual world platform access manufacturing industry.” An industry official said, “Hyundai Card’s new trademark application is likely to be related to the NFT exchange, which is set to open at the end of this year,” adding, “Considering similar military code-designated products, it is highly likely to be the name of the NFT exchange or wallet.”

Earlier in June, Hyundai Card established a joint venture (JV) “Modern Ryan” to promote new NFT business with Fashionable Lion. In addition to a partnership agreement on establishing NFT exchanges and operating wallet services through JV, the exchange and services will be started in the second half of this year.

Other credit card companies are also moving fast. In January this year, Shinhan Card opened a “My NFT” service that allows anyone to register their belongings or moments they want to keep as NFTs and check NFTs registered through Shinhan Pay (Shinhan Play) at any time. KB Kookmin Card is preparing metaverse services on its blockchain service platform Playdap and its platform Livmate.

An industry official said, “As credit card companies enter the NFT market to create new food with the younger generation, it is highly likely to serve as a catalyst in the future. As traditional financial companies enter the NFT market, many problems such as securing stability and reliability that have been highly suspected so far will be resolved.”

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