With the use of the blockchain, the Seoul, Korea-based startup Konnect is attempting to breathe new life into the stale duty-free distribution business by offering a cryptocurrency-based membership service. Tourism, retail, services, and entertainment are all part of the duty-free distribution business models available. This business has expanded at an incredible rate in the last several years. In contrast, the recent pandemic of COVID-19 has resulted in the duty-free market’s present stagnation.
South Korea dominated the duty-free distribution business in 2019 with over $25 million in transaction income alone, being renowned as a duty-free powerhouse. Konnect is creating creative advances in the face of quickly changing market circumstances in order to break beyond this sluggish age in this business.
Mark Jung (CTO), a spokesperson for Konnect, said “It is because duty-free stores are shifting away from selling conventional duty-free goods to visitors that the Korean duty-free business continues to develop. K-pop concerts are being offered by the business in order to create a market that mixes entertainment and travel. A marketplace that combines the bitcoin demographic with current duty-free customers based on a solid membership that gives real advantages will continue to be pioneered by Konnect.”
Konnect has created enormous volumes to far with the assistance of important partners and a robust framework in Korea. Konnect. By exploiting the prevailing B2B duty-free goods delivery network, the initiative is revolutionizing the e-commerce landscape. A non-fungible token is supplied to the customer to verify the authenticity and serves as a record of the seller’s logistical process for all transactions and receipts. Tokens, known as KCT, that are issued by Konnect and used to pay for membership advantages like NFTs, collectibles, and character skins that entice people to spend money and buy more are part of Konnect’s membership program.
Konnect, on the other hand, is working tirelessly to establish a real-world ecosystem and corporate connections. For Konnect, the duty-free market in Korea includes tourism and shopping, as well as medical and entertainment services. The next three quarters of 2022 will be devoted to obtaining new cultural and artistic partners for Konnect, which has previously partnered with a number of organizations.
