Konnect, a Cryptocurrency membership project, is challenging the global duty-free distribution market. With compelling partners holding tax-free distribution B2B infrastructure, Konnect is building a crypto platform that benefits holders of self-issued tokens ‘KCT’. The duty-free distribution market refers to the whole business group related to duty-free shops in each country. The duty-free distribution market covers a wide range of sectors such as tourism, shopping, services, and entertainment. This market reached 100 trillion won in 2019 before the COVID-19 pandemic spreads. Konnect is targeting the market through cryptocurrency membership with major Korean operators, the No. 1 market share in the duty-free distribution industry.
Konnect membership aims to provide benefits that holders can physically perceive. According to Konnect, through secured duty-free partners, they can supply duty-free goods and various related services at a low cost. It’s possible only because Konnect has secured a large amount of supply through the B2B network that has been built while conducting business. The secret to Konnect’s highest-level discount rate is the capabilities it has secured in the existing business area. Even the existing cryptocurrency industry has memberships such as Crypto.com and Swipe. However, since it’s dependent on payment providers such as Visa and MasterCard or the benefits compared to the subscription cost are small, Konnect has the potential to compete by providing physical benefits even as a latecomer.
In addition, Konnect pursues new efficiency and fun by combining blockchain technology, especially NFT (Non-Fungible Token). The e-commerce platform, the core of KCT membership, issues a genuine NFT containing the purchase and distribution process, which creates a foundation for personal trades in the future. In addition, NFTs are found on the platform in various forms, such as mystery box (a random lottery) where you can get NFTs exchangeable for things in real life, and PFP NFTs (Profile Picture NFTs) that have their own stories and benefits. Konnect plans to expand the use of blockchain, including NFT, through continuous updates.
Mark Jeong, Konnect’s CTO, said, “We, Konnect, want to use the most of the existing B2B duty-free infrastructure and lay the groundwork to target more customers, including the cryptocurrency population. Mass adoption of blockchain is now an unavoidable fate. We may be latecomers in the cryptocurrency industry, but we believe that we will be able to open up new markets by utilizing our positions in established industries. We believe that the core of this is the benefits and fun that Konnect members can experience, and we are working to maximize them. Stay tuned for more exciting news.”
Disclaimer: This is a paid post and should not be treated as news/advice.