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Viewers watch NFT artworks on LG smart TV screen Top South Korean conglomerates such as Samsung, LG and SK are stepping up efforts to build a presence in the blockchain and crypto-asset markets, a turnaround from their cautious attitude toward the uncharted territory.Under the incoming administration of President-elect Yoon Suk-yeol who pledged deregulation on cryptocurrencies, their entrance into the cryptocurrency and non-fungible token (NFT) areas is expected to shake up the sectors dominated by gaming and tech startups and individual investors. LG Electronics Inc., the world's largest OLED TV brand, added 'crypto-assets trading and their brokerage' and 'development and sales of blockchain-based software' to its business items at an annual general meeting on Thursday.Under the amended articles of incorporation, the company will now be able to install NFT platforms, where NFT artworks can be traded, on LG smart TVs.As TVs serve as photo and picture frames as well, LG has been developing NFT services as a smart TV feature, based on Kakao Corp.’s blockchain platform GroundX. Last month, LG unveiled a digital art appreciation app, Drops Gallery, for its smart TVs to allow TV viewers to enjoy NFT artworks and cloud game services.The NFT art pieces are stored in digital wallets offered by Kakao, the country's largest mobile chat app.SAMSUNG ELECTRONICS, SK SQUARESamsung Electronics Co. earlier this year introduced an NFT trading platform as a pre-installed smart TV app for the first time among global TV makers.Its advertising unit Cheil Worldwide Inc. is in the process of recruiting NFT and blockchain software developers. Cheil is expected to venture into the blockchain-based crypto-asset market, utilizing its intellectual property assets.SK Square Co., the investment arm of SK Group, is working on issuing its own digital currency within the year to become the first among South Korea's top 10 conglomerates to do so.Among domestic financial institutions, the sovereign wealth fund Korea Investment Corporation invested $1.9 million in US cryptocurrency exchange platform Coinbase Global Inc. late last year, in its first investment in a crypto platform.Expectations of the incoming government's market-friendly policies will likely spur other Korean business groups to embrace blockchain technology.President-elect Yoon, set to take office on May 9, pledged to promote NFT trading and provide support for the digital asset market to grow, while allowing the domestic issuance of digital coins and their initial offerings on domestic crypto exchanges."Blockchain-based businesses had been hit by fluctuations in cryptocurrency prices and concerns about their market uncertainty," said a blockchain technology company official. "Now they are gaining a new momentum from the development of new technologies related to the sector such as NFT, metaverse and artificial intelligence."By Han-Gyeol Seon and So-Hyeon Leealways@hankyung.comYeonhee Kim edited this article
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