Hyundai Cards NFT Venture Modern Lion Faces Liquidation

Hyundai Cards NFT Venture Modern Lion Faces Liquidation

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by Son Min-ho

7 months ago

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Hyundai Card has made a significant move in the NFT space by announcing the liquidation of its joint venture, Modern Lion, which operated the KONKRIT NFT platform. This decision marks a notable shift in the company's approach to digital assets and NFT initiatives, as The source notes that the company is reevaluating its strategy in this rapidly evolving market.

Hyundai Card and Like Lion Sell Stakes in Modern Lion

The liquidation follows the sale of Hyundai Card and its partner Like Lion's stakes in Modern Lion to an undisclosed buyer. This buyer, however, was unable to sustain the operations of the KONKRIT platform, leading to its eventual closure.

Impact of KONKRIT's Shutdown on the NFT Market

The shutdown of KONKRIT not only reflects challenges in the corporate NFT landscape but also leaves a considerable void in the NFT ticketing market. As companies reassess their strategies in the rapidly evolving digital asset space, Hyundai Card's exit from this venture highlights the difficulties faced by traditional firms in adapting to the NFT trend.

The NFT market has experienced a significant downturn, contrasting with Hyundai Card's recent liquidation of its KONKRIT platform. For more details on this shift, see the full story on the NFT market.

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