Huya Research teamed up with Korea Blockchain Week to release a report. Companies such as SK, LG and Lotte helped improve the credibility of Web3 technology and accelerate market growth.
South Korea’s Web3 market is rapidly emerging
Tiger Research today released a special report on the Korean Web3 market, "Korea Web3 Market Guide." The report was co-authored by FACTBLOCK, the founder of Korea Blockchain Week (KBW), and Hashed, Asia’s leading Web3 venture capital fund. It aims to provide international investors and enterprises with information for the upcoming KBW, which will be held from September 1 to 7, 2024. market guidance. The report delves into the key drivers of South Korea’s emergence as a major force in global Web3 development and analyzes the regulatory, socio-economic and cultural context of the market.
South Korea Web3 Market Drivers: High Transaction Volume and International Expansion
According to the report, the growth of the Korean Web3 market is mainly driven by the following factors:
1. High trading volume: About 12.5% of South Korea’s population (6.45 million users) are registered on domestic exchanges, showing strong cryptocurrency participation. Earlier this year, daily crypto trading volume in South Korea surpassed the Korea Composite Stock Price Index (KOSPI), highlighting the booming interest in the crypto market.
2. Real asset tokenization (RWA) and IP expansion: Amid uncertain domestic regulations, South Korea’s RWA market participants are actively expanding internationally, allowing global investors to access South Korea’s rich intellectual property and high-quality assets. . As regulations evolve, the RWA market offers good opportunities for long-term investment.
Entertainment and gaming industry: Web3 innovation leads the world
New business models for the entertainment industry: Web3 technology brings new business models to Korean entertainment and gaming companies. As a leading example of the popularization of Web3, Modhaus has attracted attention due to the global craze of K-pop. Additionally, as the fourth largest gaming market in the world, South Korea is a global leader in Web3 gaming innovation, surpassing many international competitors.
Large companies support the development of Web3 market: SK, LG, Rakuten lead the way
Another major feature of the Korean Web3 market is the active participation of large companies:
1. Large enterprises accelerate investment: More than half of the 82 registered large enterprises are implementing Web3-related plans. These investments significantly accelerate the growth and maturity of the Web3 market.
2. Strong IT infrastructure and talent pool: South Korea has advanced technical capabilities and a highly specialized talent pool. Developers account for 4% of the total population, higher than Japan (2.63%) and China (0.66%). It is Web3 Innovation provides a solid foundation.
Regulations and Market Outlook: Long-term Observation and Strategic Market Entry
Although South Korea has shifted from a complete ban on cryptocurrency trading to an emphasis on investor protection, it still maintains stricter standards compared with other countries. As Web3 promotion becomes a political focus, the report recommends paying close attention to regulatory developments and entering the market with a long-term perspective.
Report summary
Huya Research pointed out that South Korea’s position in the Web3 industry is crucial. Cryptocurrency trading volume ranks among the top in the world, and the Korean won’s trading volume is even comparable to that of the US dollar. However, market growth is somewhat limited as Web3 is still considered a regulated industry.
FACTBLOCK CEO Quan Seok-in said: "Since the inception of Korea Blockchain Week in 2018, we have been committed to emphasizing the importance of the Korean market and promoting global blockchain cooperation. We hope this report can promote the development of a unified Web3 ecosystem. "
Hashed CEO Simon Kim added: "Web3 technology is gradually being adopted in various industries in Korea, and KBW 2024 will provide an important overview of the latest trends and innovations in the global Web3 ecosystem."
This article KBW Korea Web3 market special report: RWA and entertainment industry become key forces driving Web3 expansion in Korea first appeared on Chain News ABMedia.
