SEOUL, Korea, April 27, 2022 (GLOBE NEWSWIRE) — Konnect, a challenge primarily based in Seoul, Korea that gives a cryptocurrency-based membership service, is utilizing blockchain to create new move throughout the stagnant duty-free distribution market. The duty-free distribution market contains enterprise fashions that combine tourism, buying, providers, and leisure inside varied duty-free retailers. This trade has grown explosively lately. Nevertheless, the latest COVID-19 pandemic has triggered a contraction within the duty-free market, resulting in its present stagnancy.
By way of market share within the duty-free distribution, Korea was the best nation, turning into often known as a duty-free powerhouse after incomes over $25 million in transaction income in 2019 alone. To interrupt via this stagnant period on this trade, Konnect is making revolutionary breakthroughs amid quickly altering market situations 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 transferring away from promoting conventional duty-free merchandise to vacationers. The trade has begun to offer pop-culture content material, reminiscent of Okay-pop live shows, 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 present duty-free customers primarily based on a robust membership that gives sensible advantages,” acknowledged Mark Jung (CTO), a spokesperson for Konnect.
With the assistance of key companions and stable infrastructure inside Korea, Konnect has generated enormous quantity in quantity up to now. The challenge is altering the sport by using the present 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 verify authenticity and acts as a logistics course of file for the vendor. Konnect’s membership entails self-issued tokens, known as KCT, and gives spectacular membership advantages within the current crypto market reminiscent of NFTs, collectibles, and character skins that create a want to spend and gather.
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, buying, medical care, leisure, and sweetness in Korea. Konnect, which has already secured many companions within the fields of tradition and artwork, plans to give attention to 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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Web site: https://www.konnect.finance/en