Cheil collaborates with NFT marketplace CYPHRLY to strengthen capacity
Cheil Worldwide has entered into a memorandum of understanding on NFT business with CYPHRLY, a global NFT marketplace of Dunamu’s affiliate. Through this business agreement, Cheil will be responsible for the planning and production of the customers’ branded NFTs while CYPHRLY will be responsible for the development and operation of NFTs tailored to its own platform. Both parties will work together to present new types of NFTs as well as expand marketing and IP business based on it.
The partnership comes as Cheil aims to strengthen its capabilities in the NFT industry, following the business deal with NFT specialist artist group SMATh in June. CYPHRLY is a global NFT marketplace for Lambda256, the blockchain company of Dunamu.
Dunamu and Lambda256 founded the Korean NFT marketplace Upbit in 2021, and launched CYPHRLY in July to take part in the global NFT market. Lambda256 expands its business by entering into an NFT license agreement with NBCUniversal for the animation Voltronas well as signing a business agreement with webtoon studio YLAB and the fashion technology company z-emotion.
Since CYPHRLY is based in the US, Cheil plans to have its global offices and affiliates involved in the business collaboration. With Cheil’s global network operating in 45 countries and nine affiliates, Cheil expects that varied cooperation with CYPHRLY will be possible when working on NFT projects for the local companies in various markets.
Jeongkeun Yoo, President and CEO, Cheil Worldwide said that the collaboration between both parties is expected to generate an incredible degree of synergy. “We look forward to further strengthening the competitiveness of our NFT business through partnerships with companies that specialize in this area,” he added.
According to market research firm TechNavio, the NFT market is growing at a CAGR of 35.27% and is expected to register an incremental growth of $147.24 billion between 2021 and 2026. The report added that 43% of the growth will originate from Asia Pacific. One of the key drivers for the NFT market will be the growing demand for digital artwork, the report said, and the NFT market is segmented into different applications from collectibles and sports to art.
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