Cheil partners NFT marketplace CYPHRLY to beef up capabilities

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Cheil Worldwide has inked a memorandum of understanding on NFT business with CYPHRLY, a global NFT marketplace by Dunamu’s affiliate. 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. Both parties will collaborate to present new types of NFTs as well as expand marketing and IP business based on it.

The partnership comes as Cheil aims to bolster its capabilities in the NFT business, following its business agreement with NFT-specialized artist group SMATh in June. 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 an NFT licensing deal with NBCUniversal for the animation Voltron, as well as signing a business agreement with webtoon studio YLAB and fashion tech company z-emotion.

As CYPHRLY is based in the US, 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, Cheil expects varied collaboration with CYPHRLY to be possible when working on NFT projects for the local companies in different markets.

Jeongkeun Yoo, president and CEO, Cheil Worldwide said the collaboration between both parties is expected to generate an incredible level of synergy. "We look forward to further strengthening our NFT business competitiveness through partnering with companies that specialize in this area," he added.

According to market research firm TechNavio, the NFT market is growing at a compound annual growth rate of 35.27% and is expected to register an incremental growth of US$147.24 billion between 2021 and 2026. The report added that 43% of the growth will originate from Asia Pacific. One of the key drivers of the NFT market will be the increasing demand for digital artworks, the report said and the NFT market is segmented into different applications from collectibles and sports to arts.

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