South Korean exchange Korbit produces NFT for the famous TV series “Vincenzo”

Vincenzo Kdrama | Netflix: 'Vincenzo' episode 18: release date and preview  | Marca


The translation of this article comes from the blockchain news network Sedaily, Newsis, and Cryptonews. It introduces the production and sale of NFTs for the famous TV series “Vincenzo” by the Korean exchange Korbit.

Korbit, Korea’s first virtual asset exchange, began to produce and sell NFT (Non-Fungible Token) for popular Korean TV series. Recently, Korbit said that it will sell the NFT of the TV series “Vincenzo” produced by Studio Dragon, Korea’s largest TV series studio. The TV series starring the famous Korean actor Song Joong-ki, is a TV series with the Mafia as the theme.

Korbit decided to sell the NFT peripherals of the lighter with the Cassano pattern that appeared in the tvN TV series “Vincenzo” that ended in May this year through the operating NFT Market. This lighter is an iconic prop used by the protagonist in the play. Users who want to purchase NFT can visit the pre-application page and enter personal information. After that, Korbit will send official NFT sales notification text messages to pre-registrants, and will sell NFTs to the first 100 people.

Studio Dragon, a subsidiary of CJ Entertainment, is a studio that produces many popular TV series such as “Druner Hotel”, “Crash Landing of Love”, and “Vincenzo”. “Vincenzo” began airing in South Korea in February this year, and was simultaneously broadcast on the global online video service (OTT). Studio Dragon chose “Casano Pattern Writer” from “Vincenzo” as its first NFT. In most cases, NFT only grants ownership of the work to the person who bid the highest bid. However, the Korbit NFT Market’s Cassano pattern lighters have been changed to a limited edition of 100, and the price is reasonable, so that more viewers who love this TV series can feel the afterglow of the TV series.

Korbit opened the NFT trading market for the first time on the Korean virtual asset exchange in May this year, and has been seeking to cooperate with NFT operators with high-quality intellectual property (IP) to find high-quality NFT content. Studio Dragon is considering various ways to utilize its 180 premium IPs. The needs of the two companies coincide, and the NFT digital goods project of the TV series kicks off.

Oh Se-jin, CEO of Korbit, said: “I am very happy to be able to sell Studio Dragon’s well-produced TV series NFT. Recently, consumers are not only consuming TV series content but also the peripherals derived from TV series. Therefore, we hope to pass the Kobit NFT market. , To provide companies with high-quality IP including Studio Dragon with the best trading environment to create value for IP. Starting with this sale, in the future, Korbit NFT Market will continue to be related to other popular TV series produced by Studio Dragon Commodities make NFT products and present them to the audience.”
NFT is an encryption technology that records digital pictures or music on the blockchain and gives each content a unique mark. At present, the application of NFT in the field of art is the most active. Since transaction records are automatically saved and cannot be forged or tampered with, it can accurately identify the owner of a specific asset and include all the detailed information such as who the author of the work is, the time of the work, and the person to whom it was sold. Another feature of it is the structure of continuously paying royalties to the original author when reselling works.
In recent years, South Korea’s NFT market is rapidly expanding. Nonfusible, an NFT market analysis company, said that the global NFT transaction volume reached US$2 billion (approximately 22364 billion won) in the first quarter of this year. The NFT market, which was US$40.9 million in 2018 and US$140 million in 2019, increased to 340 million US dollars (approximately 380 billion won) last year, and further growth this year.

NFT is an encryption technology that records digital pictures, music, etc. on the blockchain, and assigns unique identifiers to each content. Currently, NFT is the most active in the art field. Since transaction records are automatically stored and cannot be forged or tampered with, it is not only possible to accurately grasp the owner of a specific asset, but also to include detailed information about who the original author of the work was and when it was sold to whom. In addition, whenever a work is re-sold, it is also a major feature to continue to pay royalties to the original author. 
The NFT market is expanding rapidly. NFT market analysis company NONFUNJABLE stated that the global NFT transaction volume reached 2 billion U.S. dollars (approximately 2,236.4 billion won) in the first quarter of this year. The NFT market, which was US$40.9 million in 2018 and US$140 million in 2019, increased to 340 million US dollars (approximately 380 billion won) last year, and further growth this year.

Concluding remarks

With the growth of the NFT market, more and more fields have begun to enter this hot market. At present, most of the NFT fields in South Korea are concentrated in the art, game, and music industries. Now the film and television industry is also targeting this promising market. Korean dramas have a great influence all over the world. It can be said that Korean dramas have opened the door for many countries to welcome the Hallyu. Fans of Korean dramas are also very willing to buy the surroundings of their favorite TV dramas. It can be seen that the scale of this consumer market is quite large. huge. Companies with numerous film and television IPs will undoubtedly become the most promising dark horses in the NFT field. The cooperation between Korbit and CJ Entertainment Company this time opened an important precedent for the successful cross-border blockchain industry in the film and television industry. It is hoped that the film and television industry can produce more excellent NFT works in the future and drive the rapid growth of the NFT market in South Korea.

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