Hyundai E&C to issue non-fungible tokens for 75th anniversary

SEOUL, May 17 (Yonhap) -- Major South Korean builder Hyundai Engineering & Construction Co. said Tuesday it will issue non-fungible tokens (NFTs) to celebrate the 75th anniversary of its foundation this year.

To that end, Hyundai E&C recently signed a memorandum of understanding with local digital entertainment provider Sandbox Network on mutual exchange and cooperation in the NFT-metaverse sector.

Hyundai E&C, the second-largest builder in Asia's fourth-largest economy, will become the first local industry player to participate in an NFT project.

NFTs refer to blockchain-based tokens that each represent a unique asset, like a piece of art, digital content or media. Metaverse is a broad term for a virtual world where people digitally interact with others.

A Hyundai E&C official said the new project will give the builder new capabilities for NFTs and the metaverse, and provide its customers with new experiences.

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