Some of East Asia’s largest technology companies are diving ever deeper into the crypto world, with Japanese and South Korean mega-companies looking at the metaverse, non-fungible tokens (NFTs), Web3 and the expansion of blockchain activities.
South Korean telecommunications and chaebol business giant Sask.which is currently working on launching a cryptoasset that will be compatible with a wide range of group services, announces that they will launch a metaverse product this year.
According to Asia Kyungjae, SK made an unpublished “equity investment” in Interactive Morpha company it has partnered with since 2021 as it seeks to accelerate the introduction of new layers of functionality to its Ifland metaverse platform.
SK, which has taken more than a third of South Korea’s lucrative mobile operator and IP space, says it wants to “create a crypto-economy” that is both “gamified” and also uses customizable avatars that use NFTs. SK wants the project to be operational before the end of the year – a similar schedule as it has set for its subsidiary Square SKwhich is working on launching the token.
Morph, who specializes in 3D design for the metaverse space, was quoted as explaining that it was working to make Ifland an “actively used communication tool in the corporate business environment”, as well as an integral part of the ‘daily life’ of ordinary ‘users’.
South Korea’s search engine juggernaut Naverwhich last month invested in a number of metaverse-themed startups through its own metaverse arm Naver Z, is also the creator of the chat app giant Double. Although the app had limited success in South Korea, it has become Japan’s largest communications platform. In Japan, Line launched a crypto exchange along with a number of other crypto-related initiatives. Its token is listed on a number of national crypto-trading platforms.
And the company now wants to repeat that success with its Line NFT business arm, which through an official announcement launched this week with 40,000 NFT offers. The project has already seen the company collaborate with the Japanese entertainment giant Yoshimoto Kogyo Holdings to produce exclusive NFT videos named Yoshimoto NFT Theater. He has also made a deal that will allow him to release NFTs inspired by the anime series. Mobile police patrol.
The company said more NFT items would be added later and that its NFTs could be stored in wallets generated by its Bitmax line Japanese cryptocurrency exchange using either its link currency or a payment gateway to its electronic payment platform Line Pay.
Also in Japan, the gaming giant and toy manufacturer Namco Bandai is set to invest around $ 24 million in Web3, metaverse and blockchain projects. CoinPost reported that the company, which has a number of lucrative intellectual property rights, will seek to spread its investments over three years.
Namco Bandai is also looking to ensure that its investments are diverse and will range from pre-seed stage equity injections to late fundraising campaigns as it seeks to expand its presence in the metaverse.
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