Real-world asset (RWA) tokenization and
entertainment to be the leading contributor to Web3 expansion in
Korea
Conglomerates such as SK, LG, and Lotte are
enhancing the credibility of Web3 technology, leading to overall
market growth
SEOUL,
South Korea, Sept. 2,
2024 /PRNewswire/ -- Tiger Research today released
its special research report on Korea's Web3 landscape, titled
"Korea Web3 Market Guide." Authored in collaboration with
the founder of the Korea Blockchain Week (KBW), FACTBLOCK, Web3
ecosystem builder, and the co-host, Hashed, Asia's leading Web3 VC Fund, the report aims
to offer a primer for international investors and businesses ahead
of KBW, which will be held from September
1-7, 2024.
The report explores key drivers positioning South Korea as a pivotal force in global Web3
evolution. It covers the market's regulatory, socio-economic, and
cultural context, along with 18 Web3 ecosystem components
contributing to its vibrant progress.
Key factors driving South
Korea's growth in the Web3 market include:
- 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. Earlier this
year, daily crypto trading volume surpassed that of
the KOSPI (Korea Composite Stock Price Index), underscoring the
strong enthusiasm for crypto.
- Expansion of Korean IP through RWA: Amid domestic
regulatory uncertainty, Korean RWA market participants are
increasingly expanding globally. This shift provides international
investors access to Korea's rich intellectual property and
high-quality assets. As regulations evolve, the Korean RWA market
presents promising long-term investment opportunities.
- Entertainment and Gaming: Web3 offers new business
models for Korean entertainment and gaming companies. Modhaus, a
leading example in Web3 popularization, is gaining attention due to
growing global interest in K-pop. Likewise, as the fourth-largest
gaming market globally, Korea's gaming ecosystem is at the
forefront of Web3 gaming innovation, surpassing international
competitors.
- Large Enterprises Accelerating Investment and Growth:
The Web3 market in Korea is distinguished by the active involvement
of conglomerates, with over half of the 82 registered 'large
enterprises' pursuing Web3 initiatives. These investments are
significantly accelerating the industry's growth and
maturation.
- Robust IT infrastructure and skilled workforce: Korea's
advanced technological capabilities and highly skilled talent pool
provide a solid foundation for Web3 innovation. The market boasts a
high developer-to-population ratio (4%), surpassing Japan (2.63%) and China (0.66%).
Tiger Research stated, "South Korea's position in the Web3 industry is
highly significant. The country ranks among the top globally in
terms of cryptocurrency trading volume, with the
Korean won rivaling the US dollar in trading volume. While many
projects are actively seeking to enter the Korean market, the
prevailing perception of Web3 as an industry that requires
regulation and oversight has somewhat slowed its growth."
"This report provides a comprehensive analysis of the current
Korean Web3 and blockchain market and its future potential," said
Seonik Jeon, CEO of FACTBLOCK. "Since the inception of the
Korean Blockchain Week in 2018, FACTBLOCK has dedicated itself to
highlighting the importance of the Korean market and fostering
global blockchain collaboration. We hope this report will serve as
a catalyst for advancing the development of a unified Web3
ecosystem alongside KBW."
"The report highlights the increasing adoption of Web3
technologies across various sectors in South Korea, including finance, gaming,
infrastructure, solutions and entertainment. "The Web3 industry has
moved beyond its initial infrastructure phase and is now being
creatively applied across various sectors," said Simon Kim, CEO of Hashed. "Korea 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."
For market entry, 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 concluded that closely
monitoring the regulatory developments and approaching the market
from a long-term perspective will be important.
About Korea Blockchain Week
Founded by FACTBLOCK and co-hosted by Hashed, Korea Blockchain
Week (KBW) is an annual global blockchain and web3 festival held in
Seoul, South Korea, since 2018. It
has been a gathering ground for the top global blockchain and web3
leaders and unifying diverse communities.
KBW curates multiple prestigious main events, including the
flagship conference 'IMPACT.' This provides participants and
attendees exclusive opportunities to exchange industry insights and
indulge in an immersive blend of music, art, and culture, making
KBW a unique and enriching experience for all involved.
https://koreablockchainweek.com/
About Tiger Research
Tiger Research is a research and GTM (Go-To-Market) advisory
firm centered on the Asian Web3 market. With a mission to empower
everyone in a borderless digital economy, Tiger Research delivers
world-class research and business advisory services to world's most
respected businesses and institutions.
https://www.tiger-research.com/
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SOURCE Tiger Research