Digital Universe: South Korean giant NFT’s first Metaverse strategy

Metaverse may be one of the most cited words in 2021. Nowadays in South Korea, regardless of scale, companies are eagerly entering the Metaverse Arena to seek the future. Even the Ministry of Economy and Finance of South Korea has publicly recognized Metaverse as one of the key industries in the future.

When South Korea’s well-known information technology companies compete to compete in the meta-universe field, it is worth noting that before large companies fully develop meta-universe business, their first step is basically to use existing content resources to build an NFT platform.

Digital Universe: South Korean giant NFT's first Metaverse strategy

South Korea’s largest chat software company Kakao, its subsidiary Kakao Games recently announced on the company’s website that the company will make serious efforts to enter the meta universe. According to the announcement, the commercial operation of Kakao Games put forward the slogans of “Beyond Korea” and “Beyond Games”.

“Beyond Korea” refers to the company’s commitment to build a more global infrastructure, aiming to release each new model from a wider international scope; “Beyond Games”, which marks the company’s expansion into the NFT and metaverse fields.

Kakao Games, through its subsidiary Friends Games, is developing an NFT trading platform that specializes in sports and game content and meta universe. The trading category will include digital assets already used in Kakao Games, such as game items, fan-made K-pop dolls, and even time reservations for golf tees.

It is reported that Kakao Games is developing its own meta universe. At that time, all the assets of the Kakao Group can be used on the Kakao Games open meta universe platform.

COM2US, another large game developer, is South Korea’s earliest and largest mobile game development and promoter, providing mobile games to 58 operators in 39 countries. The company’s most recent investments are concentrated in the field of Meta Universe:

First, he participated in the Sandbox B round of investment project, which is based on Ethernet Square yuan Universe platform block chain, chain block constructed by the Hong Kong Chinese game company Animoca Brands. In the meta-universe of Sandbox, players can create and display their own NFTs, and own various IPs (intellectual property) of the company’s more than 165 partners, including top-tier IPs such as The Smurfs, Snoopy Dog, and The Walking Dead; 2. Participated in Upland’s A round of investment, which is a meta-universe game project in which players can trade virtual land.

Digital Universe: South Korean giant NFT's first Metaverse strategy

COM2US’s strategic investment in the above two meta-universe projects shows that although South Korea’s top game developers have not yet announced their plans to build their own meta-universe, they have already focused on blockchain.

At the same time, outside of the game industry, South Korea’s online live broadcast and streaming service provider AfreecaTV has launched an NFT trading platform called AFT Market in early November. Although AfreecaTV’s popularity in Korea has declined recently, it still has more than 6 million unique visitors every month.

AfreecaTV’s AFT market is about to launch NFT auctions. These NFTs are the 3D incarnations of e-sports highlights, video-on-demand and popular streamers, which can then be used on the meta-universe platform that is scheduled to be launched in December.

South Korean payment platform Danal also plans to launch an NFT platform in the near future, where users can use Danal’s own payment token PCI to purchase NFT.

Digital Universe: South Korean giant NFT's first Metaverse strategy

So why do these South Korean new economic giants first build an NFT platform before developing Metaverse?

Park Hye-jin, associate professor of venture capital at Seoul Graduate School of Science and Technology (aSSIST), believes: “NFT will become the core tool of Metaverse, showing the digital assets or rights that a person owns. But Metaverse is not just done with the technology of a certain company. “Park insists that all companies need to go all out to build a comprehensive infrastructure for a complete meta-universe, such as hardware development, improved network speed and stability, and better computing capabilities.

She said: “Unless these infrastructure layers are well equipped, these companies will not be able to provide users with a seamless, immersive meta-universe experience.” She believes that the establishment of NFT infrastructure is the first choice developed by the aforementioned companies, while other layers are still under construction.

Looking forward to South Korea’s meta-universe prospects, Park Hye-jin believes that in addition to IT companies, Korea’s booming creative industries, including K-pop, K-drama, and movies, have greater potential in the meta-universe field. “A world without borders is Coming. When various physical limitations disappear in the metaverse, the creative content industry with strong core values ​​will become the focus of attention.”

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