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LG's health & hygiene wing to provide membership benefits using non-fungible tokens

By Kim Joo-heon Posted : March 14, 2022, 16:01 Updated : March 14, 2022, 16:01

[Courtesy of LG Household & Health Care]

SEOUL -- LG Group's health and hygiene wing will offer membership benefits to consumers using non-fungible tokens. A total of three thousand crypto-tokens will be released through OpenSea, the world's largest non-fungible token marketplace. 

A non-fungible token (NFT) is a unit of data stored on a blockchain network of interlinked virtual ledgers. Each NFT is certified by a blockchain as a unique digital asset that is not interchangeable. This technology can be used in the content industry where proof of ownership is crucial. Annual transactions of more than 17 trillion won ($13.7 billion) are made through OpenSea.
LG Household & Health Care said in a statement on March 14 that various membership benefits will be provided to customers with digital tokens. NFTs will be issued by the hygiene goods company's cosmetics brand Belif in March. According to LG Household & Health Care official Han Jae-min, the company has not yet decided on the form of customer benefits.

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