South Korean telecoms giant LGU+ expands further into NFT Space

South Korean telecoms giant LGU+ expands further into NFT Space

One of South Korea’s biggest telecoms companies, LGU+, is looking to bolster its presence in the crypto and blockchain scene by issuing a new batch of non-fungible tokens (NFTs) next month.

According to Money Today and Chosun Ilbo, the firm, which is a unit of the LG conglomerate, will issue a new collection featuring its Moono octopus-like animated character. The collection is inspired by the success of the firm’s debut collection, which sold out in just 2 seconds after it was released on OpenSea, via the Kakao-founded Klaytn blockchain in May.

The first release was a collection of Moono characters depicted to be enjoying each day of the week. It saw 200 tokens distributed.

LGU+ stated that the upcoming collection would be much larger than the first. 1,000 NFTs will be issued. The collection will feature Moono office workers and their “changing emotions” over the course of the working week.

The firm also revealed that all the KLAY tokens it receives from the sale would be donated to charity. It intends to withhold 100 of the new NFTs for “marketing purposes,” while the remaining 900 collectibles will be up for public acquisition during two sales to be held on September 5. The first sale will hold from 7 pm to 9 pm, where 300 NFTs will be sold, while the final 600 pieces will be sold from 10 pm to midnight.

In addition, the telecom giant stated that clients who purchase up to five tokens would be able to claim tickets to the Legoland theme park, while those privileged to complete a set are eligible to claim a Moono toy.

LGU+ also revealed that it intends to stretch its NFT-related operations in the coming months while giving hints at a potential partnership with Shy Ghost Squad and Animal Punks (the brains behind the popular Klaytn blockchain NFT collections).

LGU+ is a member of the Klaytn governance council, alongside two other LG firms: LG Electronics and LG International. Rumors have been going around that LG, which has been piloting a number of crypto-related solutions for several years, could be planning a token launch of its own.

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