South Korean telecom giant LGU+ expands its presence in the NFT market

Source: AdobeStock / Robert

LGU+, one of South Korea’s biggest telecoms firms, will issue a new batch of non-fungible tokens (NFTs) next month – as it looks to move further into the crypto and blockchain sectors.

Per Money Today and Chosun Ilbo, the firm – part of the LG business empire – will issue a new collection featuring its Moono octopus-like animated character. Its first collection, issued in May, sold out in just 2 seconds when it was released on the OpenSea platform, via the Kakao -founded Klaytn blockchain.

The first collection featured Moono characters shown enjoying each day of the week, and saw 200 tokens distributed. The second collection will be much larger, with 1,000 tokens issued. These will feature Moono office workers and their “changing emotions” over the “course of the working week,” the company stated.

The firm added that all the klay (KLAY) tokens it received from the sale would be donated to charity. The firm will retain 100 of the new NFTs for “marketing purposes,” and would sell the remaining 900 new NFTs during two sales to be held on September 5. The first sale period will take place from 7pm to 9pm, where 300 NFTs will be sold, with the final 600 pieces sold from 10pm to midnight.

The company also added that buyers of five tokens would be able to claim tickets to the Legoland theme park, with anyone completing a set eligible to claim a Moono toy.

LGU+ added that it will expand its NFT-related operations in the months ahead and announced that it would soon reveal details of collaborations with the masterminds behind the popular Kalytn blockchain NFT collections Shy Ghost Squad and Animal Punks.

LGU+ is a member of the Klatyn governance council, along with two other LG firms: LG Electronics and LG International.

As previously reported, domestic media outlets have also suggested that LG, which has been piloting a number of crypto-related solutions for several years, could be planning a token launch of its own. SK, which owns SK Telecom – LGU+’s biggest rival – has already announced that it will launch a coin before the end of the year via its SK Square subsidiary.

By Tim Alper | Original link