S.Korean varsity to present first NFT-based award certificates to graduates

Seoul, Feb 14 (IANS) South Korea-based Sungkyunkwan University on Monday said it will present the country’s first university awards in the format of the non-fungible token (NFT) in a graduation ceremony this week.Moon Kyung-won, a pharmacy major, will be one of several students to be given the NFT-based certificates of the university’s awards in the graduation ceremony set for Wednesday, the school said.Those awards represent the first-ever official university certificates presented in the crypto asset format, reports Yonhap news agency.An NFT is a non-interchangeable unit of data stored on a blockchain, which can be owned and traded as digital items, such as videos or clothing for avatars.The university said the NFT certificate is immune to loss or duplication and will be effective as an official document.Recently, T-Series, Asia’s largest music label, announced its foray into Non-Fungible Tokens (NFTs) in association with Hefty Entertainment, a division of Hungama, one of the largest digital media entertainment companies in South Asia.This industry-first foray for the global digital entertainment industry will witness the two leaders raise the bar of entertainment creation and consumption via Hefty Entertainment — A Web 3.0 initiative by Hungama.–IANSwh/vd