Cheil Worldwide has signed a memorandum of understanding (MOU) on brand NFT business with CYPHRLY, a global NFT marketplace by Dunamu’s affiliate. Cheil is looking to strengthen its capabilities in the NFT business, following its business agreement with NFT-specialized artist group SMATh in June.
Per the release:
CYPHRLY is a global NFT marketplace of Lambda256, the blockchain company of Dunamu. Dunamu and Lambda256 founded Korean NFT marketplace Upbit in 2021, and launched CYPHRLY this July to tap into the global NFT market. Lambda256 is expanding its business through striking NFT licensing deal with NBCUniversal on animation ‘Voltron,’ as well as signing business agreement with webtoon studio YLAB and fashion tech company z-emotion.
Through this business agreement, Cheil will be responsible for the planning and production of clients’ brand NFTs while CYPHRLY will be in charge of development and operation of NFTs tailored to its own platform. Moreover, the two companies will collaborate to present new types of NFT, and expand marketing and IP (intellectual property) business based on it.
Since CYPHRLY is a global marketplace based in the U.S., Cheil plans to have its global offices and affiliates involved in the business cooperation. With Cheil’s global network operating in 45 countries and nine affiliates, it is expected that varied collaboration with CYPHRLY is possible when working on NFT projects for the local companies in different markets.
“The collaboration between CYPHRLY who is making inroads internationally with differentiated blockchain technology, and Cheil Worldwide with a strong global network power is expected to generate an incredible level of synergy,” said Jeongkeun Yoo, President and CEO, Cheil Worldwide. “We look forward to further strengthening our NFT business competitiveness through partnering with companies that specialize in this area.”