Cheil Worldwide has signed a memorandum of understanding (MOU) with SMATh, an artist group specializing in NFTs, in order to strengthen Cheil’s NFT-based IP business.
Formed in 2020, SMATh is made up of five artists working on 3D design, stage art, fine art, and illustration in South Korea, U.S., and Germany, that has worked with brands and organizations including Samsung, Chanel, Seoul City, and Incheon International Airport.
SMATh’s NFT artworks are characters that appear in the universe created by the team itself, ‘SMAThWorld.’
.Four species exist in the SMAThWorld; ‘[email protected]’ who help travel through the gate of time and space, the hyper-intelligent A.I. ‘PRD_X’, ‘Blair’ who is a human born with the ability to travel freely between time and space, and a transcended being in different forms ‘i.O’. SMATh’s compelling universe and high-quality artworks have been winning fans.
According to the release, 1,500 ‘[email protected]’ artworks sold out after SMATh minted out in April via NFT marketplace Klip Drops. The highest price recorded by ‘SMATh Genesis’ collection, traded through the world’s largest NFT marketplace OpenSea, reached 8.4 ETH (about 23,537 USD at the time).
Through this business agreement, Cheil Worldwide can create and sell art toys or apparel globally using SMATh’s various NFT IP including [email protected], SMATh Genesis, and PRD_X, or appoint NFT IP as a model for ad campaigns of Cheil Worldwide’s clients. Even Cheil Worldwide or its clients can participate in SMATh’s new NFT projects.
“We look forward to expanding our business opportunity in NFT through our partnership with SMATh who has the capability to self-develop characters and universe by fusing art and technology,” said a Cheil Worldwide spokesperson.
“Under our digital vision of ‘Meta-formation’, Cheil Worldwide will continue to collaborate with various partners in tech sector that includes NFT and metaverse.”