Blockchain: Samsung, LG, SK scale-up drive into the NFT and blockchain market

Samsung, LG, and SK, three of the top companies in South Korea, are scaling up their efforts for their blockchain and non-fungible token (NFT) push. The trio is making its working to build and amplify its presence in the said virtual markets.

The Korea Economic Daily reported that Samsung, LG, and SK's moves related to crypto assets and blockchain are actually a 180-degree turn from their usual cautious stance toward the unexplored territory. With the incoming new South Korean President Yoon Suk Yeol's promise to deregulate crypto and provide support to this market, the major companies' entrance to the world of NFT and blockchain is expected to upset the industries dominated by tech start-ups and gaming firms.

As part of its blockchain push, LG Electronics recently added new corporate charter objectives that include crypto assets trading, development and sales of blockchain-based software, and brokerage of crypto. The company revealed these new business items at its annual general meeting that took place on Thursday, March 24.

The added business area apparently signals LG's expansion into new fields beyond home appliance products. The corporate charter was approved by the shareholders during the conference. LG can now install NFT platforms that will allow digital artworks to be traded via the company's smart TVs.

For the SK Group, it is its SK Square Co. investment subsidiary that is diving first into the blockchain space. The said unit is now working on issuing its own digital currency, which is expected to be released this year.

With this, SK Square is set to become the first among the top 10 companies in South Korea to have its own digital coins. Once its currencies are minted, these are likely to be used in the company's metaverse and online platforms.

Samsung Electronics also joined in the series of B-1 financing of global virtual currency exchange FTX last year and invested in Sky Mavis, which developed the popular NFT game "Axie Infinity." The investment was made by the company through its investment unit called the Samsung Next. At the recent CES 2022, Samsung also unveiled its smart TV fitted with an NFT trading platform which is the world's first.

"Blockchain-based businesses had been hit by fluctuations in cryptocurrency prices and concerns about their market uncertainty," an official from a blockchain tech firm said regarding the major companies' entrance into the crypto space. "Now they are gaining a new momentum from the development of new technologies related to the sector such as NFT, metaverse and artificial intelligence."