"Hyundai Card NFT joint venture Modernlion votes to dissolve…winding-down process under way?"

Modernlion, an NFT business entity jointly established by Hyundai Card and LikeLion, has decided to dissolve, effectively entering the final stage of shutting down its operations, according to reports.

According to Bizhankook on the 6th, Modernlion resolved to dissolve the company at a shareholders’ meeting in March. The dissolution process is expected to be completed after the appointment of a liquidator, repayment of creditors, and distribution of remaining assets.

Modernlion is a joint venture founded in 2022 with capital contributions from both companies and has operated the NFT platform 'KONKRIT'. The platform offered services selling digital assets such as exhibition and performance tickets hosted by Hyundai Card.

However, Hyundai Card and LikeLion are said to have effectively stepped away from management after selling all of their Modernlion stakes last year. The buyer of the shares was not disclosed.

The KONKRIT application is currently accessible, but its functions are limited. Within the app, a notice states that access is restricted due to a service reorganization, and that users’ assets are being stored safely and can be transferred to a personal wallet.