- Key Factors Driving Web3 Growth in Korea
- Significance for International Investors
- Expectations from Korean Blockchain Week 2024
Tiger Research explores the South Korean Web3 market, highlighting the role of real-world asset tokenization and the entertainment industry in its growth.
Key Factors Driving Web3 Growth in Korea
The key factors driving Web3 growth in Korea: 1. Substantial trading volume: approximately one in ten Koreans (6.45 million users or 12.5% of the total population) are registered with domestic exchanges. This high engagement highlights the country’s strong interest in crypto. 2. Expansion of Korean IP through RWA: Korean real-world asset market participants are increasingly expanding globally despite domestic regulatory uncertainties. This shift provides international investors with access to Korea’s rich intellectual property and high-quality assets. 3. Entertainment and Gaming: Web3 offers new business models for the Korean entertainment and gaming industries. Modhaus is a notable example, gaining attention due to the global interest in K-pop. Korea, being the fourth-largest gaming market globally, is at the forefront of Web3 gaming innovation, outpacing international competitors. 4. Large Enterprises' Participation: The active involvement of conglomerates such as SK, LG, and Lotte accelerates the growth and maturation of the Web3 market in Korea. 5. Robust IT infrastructure and skilled workforce: Korea’s advanced technological capabilities and highly skilled talent pool provide a solid foundation for Web3 innovation.
Significance for International Investors
Tiger Research stated the significance of South Korea’s position in the Web3 industry. The country ranks among the top globally for cryptocurrency trading volume, with the Korean won rivaling the US dollar in trading volume. While many projects are actively seeking to enter the South Korean market, the prevailing perception of Web3 as an industry requiring regulation and oversight has somewhat slowed its growth. Seonik Jeon, CEO of FACTBLOCK, stated: “This report provides a comprehensive analysis of the current Korean Web3 and blockchain market and its future potential. Since the inception of Korean Blockchain Week in 2018, FACTBLOCK has dedicated itself to highlighting the importance of the Korean market and fostering global blockchain collaboration.” Simon Kim, CEO of Hashed, added: “The report highlights the increasing adoption of Web3 technologies across various sectors in South Korea, including finance, gaming, infrastructure, solutions, and entertainment.”
Expectations from Korean Blockchain Week 2024
Korean Blockchain Week 2024, set against this backdrop of transformation, will provide a crucial overview of the latest trends and innovations in the global Web3 ecosystem. The report notes that while South Korea has shifted from an outright crypto ban to a focus on investor protection, it maintains stringent standards compared to its global peers. With Web3 promotion being a prominent topic in the political sphere, the report concludes it will be important to closely monitor regulatory developments and approach the market from a long-term perspective.
The Tiger Research report underscores South Korea’s importance in the global Web3 ecosystem. The involvement of major companies and the active use of advanced technologies lay a solid foundation for further innovation. Korean Blockchain Week 2024 will be a key event for discussing the latest achievements and trends in this area.
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