SEOUL, Korea, April 27, 2022 (GLOBE NEWSWIRE) — Konnect, a project based in Seoul, Korea that provides a cryptocurrency-based membership service, is using blockchain to create new flow within the stagnant duty-free distribution market. The duty-free distribution market includes business models that integrate tourism, shopping, services, and entertainment within various duty-free shops. This industry has grown explosively in recent years. However, the recent COVID-19 pandemic has caused a contraction in the duty-free market, leading to its current stagnancy.
In terms of market share in the duty-free distribution, Korea was the most productive country, becoming known as a duty-free powerhouse after earning over $25 million in transaction revenue in 2019 alone. To break through this stagnant era in this industry, Konnect is making innovative breakthroughs amid rapidly changing market conditions by integrating the cryptocurrency market into the market of the real world.
“The reason that the duty-free industry in Korea is continuing to grow is due to the fact that duty-free shops are moving away from selling traditional duty-free products to tourists. The industry has begun to provide pop-culture content, such as K-pop concerts, to develop a market that combines tourism and entertainment. At Konnect, we will continue to pioneer a new market that can combine the cryptocurrency population with the existing duty-free shoppers based on a strong membership that provides practical benefits,” stated Mark Jung (CTO), a spokesperson for Konnect.
With the help of key partners and solid infrastructure within Korea, Konnect has generated huge amount in volume so far. The project is changing the game by utilizing the existing B2B duty-free product distribution network to streamline the e-commerce process with the help of blockchain technology. All purchases and receipts are recorded, and a non-fungible token is issued to the buyer to confirm authenticity and acts as a logistics process record for the seller. Konnect’s membership involves self-issued tokens, called KCT, and offers impressive membership benefits in the existing crypto market such as NFTs, collectibles, and character skins that create a desire to spend and collect.
Meanwhile, Konnect is working hard to secure an ecosystem and partnerships with businesses in the real-world. Konnect is focusing on the duty-free sector such as tourism, shopping, medical care, entertainment, and beauty in Korea. Konnect, which has already secured many partners in the fields of culture and art, plans to focus on acquiring these partnerships during the remaining three quarters of 2022.
For more information about Konnect, go to www.konnect.finance/en.
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