Hyundai Department Store Duty Free (HDDFS) announced last week it had signed a memorandum of understanding (MOU) with OlimPlanet for a deal related to the metaverse business. OlimPlanet is a Seoul-based metaverse specialist.

According to The Korea Economic Daily, Hyundai Department Store Duty Free and OlimPlanet held a signing ceremony two weeks ago, and it took place at the metaverse company's headquarters located in Gangnam's Parnas Tower.

Based on the signed contract, the duty-free shop operator will create a metaverse-based duty-free shop on OlimPlanet's Elypecs metaverse platform. HDDFS' virtual space will allow customers to shop as if they are viewing actual real-world products.

It was said that Hyundai Department Store Duty Free is also planning to launch a metaverse hall within the company's online duty-free shop before 2023 ends. The deal with OlimPlanet comes as it is venturing into a full-scale expansion of its metaverse platform. In fact, the company also signed an MOU not only with Hyundai Department Store Duty Free Shop but also with NFT Korea and Minting Corporation.

"We are actively introducing various digital contents such as NFT and metaverse to provide customers with a unique experience and services," HDDFS' managing director, Yook Woo Seok, said in a statement.

He added, "We will continue to lead innovation in the digital service sector in the duty-free shop industry in line with the trend of establishing a smart duty-free service promoted by the Incheon International Airport Corporation."

Finally, Sports Kyeong Hyang reported that through the metaverse agreement, the companies that recently signed a deal with OlimPlanet, including Hyundai Duty Free Store, will actively cooperate in the production and sales of real-world products.

"Through the agreement, we expect to be able to introduce a new metaverse where NFT art can be appreciated and even purchased," OlimPlanet's chief executive officer, Kwon Jae Hyun, said.