SEOUL, Korea, April 27, 2022 (GLOBE NEWSWIRE) — Konnect, a mission primarily based in Seoul, Korea that gives a cryptocurrency-based membership service, is utilizing blockchain to create new stream inside the stagnant duty-free distribution market. The duty-free distribution market consists of enterprise fashions that combine tourism, procuring, providers, and leisure inside numerous duty-free retailers. This trade has grown explosively in recent times. Nevertheless, the latest COVID-19 pandemic has brought on a contraction within the duty-free market, resulting in its present stagnancy.
When it comes to market share within the duty-free distribution, Korea was the most efficient nation, changing into often called a duty-free powerhouse after incomes over $25 million in transaction income in 2019 alone. To interrupt by this stagnant period on this trade, Konnect is making progressive breakthroughs amid quickly altering market circumstances by integrating the cryptocurrency market into the market of the actual world.
“The explanation that the duty-free trade in Korea is continuous to develop is because of the truth that duty-free retailers are shifting away from promoting conventional duty-free merchandise to vacationers. The trade has begun to supply pop-culture content material, reminiscent of Ok-pop concert events, to develop a market that mixes tourism and leisure. At Konnect, we are going to proceed to pioneer a brand new market that may mix the cryptocurrency inhabitants with the prevailing duty-free customers primarily based on a robust membership that gives sensible advantages,” said Mark Jung (CTO), a spokesperson for Konnect.
With the assistance of key companions and strong infrastructure inside Korea, Konnect has generated big quantity in quantity up to now. The mission is altering the sport by using the prevailing B2B duty-free product distribution community to streamline the e-commerce course of with the assistance of blockchain expertise. All purchases and receipts are recorded, and a non-fungible token is issued to the customer to substantiate authenticity and acts as a logistics course of report for the vendor. Konnect’s membership includes self-issued tokens, known as KCT, and presents spectacular membership advantages within the present crypto market reminiscent of NFTs, collectibles, and character skins that create a need to spend and acquire.
In the meantime, Konnect is working laborious to safe an ecosystem and partnerships with companies within the real-world. Konnect is specializing in the duty-free sector reminiscent of tourism, procuring, medical care, leisure, and sweetness in Korea. Konnect, which has already secured many companions within the fields of tradition and artwork, plans to concentrate on buying these partnerships throughout the remaining three quarters of 2022.
For extra details about Konnect, go to www.konnect.finance/en.
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