Hyundai E&C is the first Korean construction company to participate in a non-fungible Token (NFT) project in Korea to continue its venture into new areas. Hyundai E&C announced on the 10th that it has signed a memorandum of understanding (MOU) with Sandbox Network, a digital entertainment company, for mutual exchange and cooperation in the NFT and metaverse sectors. Metaverse is a combination of “Meta”(meaning processing and abstraction) and “Universe”(meaning the real world) and refers to a three-dimensional virtual world. It is a new concept platform that enables socio-cultural activities similar to the actual reality, as it is a concept that is one step advanced from the existing virtual reality.
Hyundai E&C, which celebrates its 75th anniversary this year, plans to collaborate with Sandbox Network to issue NFTs and has previously joined the NFT community and secured the Meta Toy DragonZ Profile Picture NFT of Sandbox Network for better collaboration. Through this project, Hyundai E&C plans to not only contribute to the creation of the NFT and metaverse ecosystem, but also seek various ways to utilize Sandbox Network and provide new experiences to customers.
Meanwhile, Sandbox Network, an MCN (Multi Channel Network) company that supports various creators and online contents, is focusing on expanding its NFT business by applying blockchain technology to existing capabilities such as IP (self-intellectual property). In February, it successfully launched Meta Toy DragonZ NFT, creating a new wave in the Korean NFT market. Accordingly, Hyundai E&C will continue to discuss ways to collaborate on the NFT roadmap and utilization of metaverse platform of Sandbox Network.
A Hyundai E&C official said, "We plan to secure new capabilities related to NFT and metaverse through this MOU," explaining that, "As NFT is an important keyword for the metaverse industry, we hope the issuance of the 75th anniversary NFT will be the cornerstone for the company to venture into new territories.”