SEOUL — Kia Motors, affiliated with South Korea’s Hyundai auto group, became the first domestic automaker to make a foray into the non-fungible token market. Customers can purchase digital tokens for digital artworks based on Kia’s electric vehicles through an online cryptocurrency market.
A non-fungible token (NFT) is a unit of data stored on a blockchain network of interlinked virtual ledgers. Each NFT is certified by a blockchain as a unique digital asset that is not interchangeable. The technology can be used in the content industry where proof of ownership is crucial.
Kia’s design center has crafted six NFTs based on three electric vehicles. A total of 60 NFT pieces, 10 for each work, will be sold for a week from March 26 through Klip Drops, an NFT art market service run by Ground X, the blockchain service wing of South Korean web service giant Kakao. The market provides a space for trading digital works or goods through cryptocurrency.
Each NFT was priced at 350 Klay ($399). A Klay is a virtual currency unit and one Klay costs about $1.14. Kia said designers have produced digital art to inspire customers’ lives and provide new and meaningful experiences through innovative products, services, and unique brand experiences.
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