NFT: University in South Korea to hand out first NFT-based certificates to graduates

A university in South Korea made an announcement this week that it will be handing out award certificates to some of its graduates. This is quite common, but there is something that makes this unique - the institution is issuing NFT-based certificates, and this is the first of its kind.

According to Yonhap News Agency, Sungkyunkwan University, a private comprehensive research university in South Korea, will be releasing NFT-based award certificates to select graduates as a recognition of their outstanding achievements in school.

Sungkyunkwan University revealed its plan to hand out its award certificates in the form of Non-fungible token or NFT on Monday, Feb. 14. This will be South Korea’s very first official school achievement certificate in digital asset format.

The NFT certificates are set to be presented to deserving students on graduation day that will take place this week. A non-fungible token is a non-interchangeable unit of data that is kept on a blockchain. These can be purchased, owned, and traded as digital collections such as artwork and music pieces.

Sungkyunkwan University stated that its NFT award certificate is protected against loss or duplication. The school further said that it is also considered an official document.

In any case, the report mentioned that three top university students are receiving the NFTs. They have won awards in intramural competitions and attained excellent grades throughout their schooling.

One of the recipients of the NFT certificate is Moon Kyung Won, who majored in pharmacy.

Another recipient is Lee Ga Hyeon, who is a student in the Department of Korean Language and Literature. She took home the grand prize in the “Graduation Celebration Video Contest.”

Kim Chae Hyun is the third student who is set to receive the NFT award on Wednesday’s graduation ceremony that will be held online. She is a student in the university’s Department of English Language and Literature.

“Sungkyunkwan University plans to award awards and prizes to winners by producing them in the form of NFTs that give unique values ​​and meanings,” FXEmpire quoted the university as saying in a statement.

Meanwhile, Sungkyunkwan University’s NFT award certificates are based on Klaytn public blockchain.