ShinhanCard launches ‘first’ NFT service

ShinhanCard said Tuesday it had launched a nonfungible token service for clients to store their pictures using the digital assets -- a first by a local financial company.

NFTs are authenticated by blockchain, a record of transactions kept on networked computers that serves as a public ledger for verifying ownership. Each NFT has a unique digital signature and digital objects, like images and videos, are traded as NFTs.

“Our clients wouldn’t have to worry about making the actual transactions because they can make an NFT of an image they like using just our app,” a ShinhanCard official said, referring to the firm’s smartphone app which he said automatically produces an NFT with the click of a button.

But clients cannot trade the NFTs they make, the official added, saying more work is in progress to expand the NFT network with local manufacturers and distributors to make that happen.

Shinhan Financial Group, the holding company running the credit card arm, has recently invested 5 billion won ($4.18 million) in Block Odyssey, a local blockchain technology company that has partnered with Shinhan to launch the latest NFT service.

“We’re looking for a platform for everything, from expanding financial assets to using nonfinancial services, like having highlights of our once-in-a-lifetime moments stored in a permanent way,” the official said.

By Choi Si-young (siyoungchoi@heraldcorp.com)