"I will definitely make an NFT service like KakaoTalk that is eas…
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Kakao Blockchain Popularization Special
Yang Ju-il, CEO of Ground X
Maekyung Exclusive Interview
In March, Kakao’s blockchain subsidiary, Ground X, welcomed Kakao Vice President Yang Joo-il as its new CEO. Unlike recruiting an outside person as the first representative, it was evaluated that the Kakao Group started to popularize the blockchain business in earnest by entrusting the command tower to the person most specialized in 'service' and 'business' within the Kakao Group.
The action plan of the 'Kakao Community' to preoccupy the 'Metabus Blockchain Non-Fungible Token (M B N)' market is taking shape. Through the Future Initiative Center and Crust, a control tower preparing for the 'future 10 years', we discover new businesses that will be the future food for the group, such as metabus, artificial intelligence (AI), virtual currency, and decentralized finance (DeFi). Through Ground X, Kakao's blueprint is to turn blockchain and non-fungible tokens (NFTs) into real-life services.
This is why CEO Yang, who has been titled 'IT Commercialization Master' through Hangame, Naver, and NHN, joined Ground X. He was given a special assignment to create a 'killer app' such as 'Kakao Talk' to popularize the blockchain and NFT fields. There is a link between 'Blockchain' and 'Wallet' between CEO Yang and Ground X, who joined Kakao last year to lead the wallet business and created 'KakaoTalk Wallet'. Yang Joo-il, CEO of Ground X (pictured), said in a recent interview with Maeil Business Newspaper, “We plan to release virtual asset wallet ‘Clip’ as our own mobile app early next year and secure 3 million users by next year.”
Klip is the core service of Ground X. In the meantime, it was provided only as a service within the KakaoTalk app and attracted early users, but some pointed out that the scalability was poor. This is because it was difficult to introduce advanced functions such as NFT trading without its own app. In the industry, there is an expectation that CEO Yang will pave the way for popularization of blockchain and NFT in earnest as he is well versed in related businesses, such as securing 30 million users in one year after the release of Kakao Certificate.
―What did you do after taking office as CEO of Ground X? new set goals.
▷If Ground X was initially built around platforms such as Klaytn (virtual currency), Crust is now in charge of operating the ecosystem. Ground X sees a new period of change called '2.0'. This is the stage where we need to develop a service that can actually be used around Klip, our core asset and service. It's been three months since I took office, and during that time I've collected and reviewed countless ideas. Then, about 100 Ground X crews were reorganized around wallets. Ground X plans to separate 'Clip Wallet (virtual asset wallet)' into a separate app. Making the app itself a super-app is a simple, but most important goal.
―Does it mean that it will take the blockchain/NFT business in a broader sense beyond NFT?
▷Yes. It does not mean that we will not do NFT business. It is to take NFT as one axis and expand the business further. NFTs are, in fact, the first utility to emerge from blockchain. It discovers new possibilities. We plan to put all of Clip Drops (NFT trading market) that we are already servicing into the Klip Wallet app. These days, various services such as the ability to show and access NFTs are emerging. We are also researching ways to mount something like a showroom to show various and wonderful NFTs on Clip Drops.
▷I think it is necessary to think about whether it can be linked with DeFi. However, as of now, we are not considering directly operating an exchange. For business, it is necessary to comply with domestic regulations, and we plan to obtain a license if necessary while observing the regulatory situation. Since it has a cooperative relationship with Korbit and Upbit (Dunamu), it is possible to attach a function such as a recommendation service. First of all, I think you can try it first from easy linking.
―The NFT/Virtual Currency bubble is bursting. In the end, the problem of the lack of killer apps and services was also pointed out.
▷The biggest issue in the blockchain industry is 'entry barriers'. Wandering around on Twitter, there were also stories of people going through 41 steps to buy NFTs. To solve that problem, we also tried to attach a card payment, looked for a way to convert it to account transfer, and made several attempts. In the end, the method we chose for 'service popularization' is selection and concentration. That's why I try to make good clips first. Cooperation is also important. We plan to create partnerships and ecosystems to the extent possible, and actively cooperate with exchanges and DeFi companies. So far, among virtual asset wallets, there has been no wallet that anyone can use comfortably and want to use. First of all, our strategy is 'B2B2C'. We plan to provide customer convenience, collect customers first, and make it possible to do everything (related to virtual assets) with just a wallet. Since it can be a digital ID concept, virtual assets such as block chains and NFTs have sufficient potential to evolve into life-friendly services.
―In relation to Web 3.0, there are voices comparing it to the dot-com bubble of the 1990s.
▷Compared to the dot-com bubble, I don't think that era has come yet. In the future, I think the word 'blockchain' will disappear. When we use smartphones, we talk about the concept of TCP/IP and say, 'We have gone through such and such technical steps and are now using smartphones to access the Internet.' It just needs to be a useful and good app. Good service is made as if it were ordinary everyday life. I think it is necessary to keep an eye on Web 3.0 4 to 5 years from now. Didn't Amazon, for example, move everything that was offline to online? I think that Web 3.0 services will evolve in a way that in fact, the existing Web 2.0 services will naturally melt into them.
―There are various definitions of Web 3.0. how do you define
▷There is money called tokens and coins. I see Web 3.0 as a world where the act of earning and spending online is completely online. It is going to the form that many people talk about, such as X2E (securing profits while doing X). In fact, in Web 2.0, YouTube showed this. However, there would be no reason for YouTube, which centrally controls traffic, to suddenly decentralize and introduce blockchain to expand transparency. There are philosophies of Web 3.0, such as decentralization, anonymity, and reliability. Philosophy is important for the blockchain itself, but I think that the service has no choice but to have an operator. Ultimately, it would be nice to become a decentralized organization (DAO), but it is difficult to go all at once. Just as you can't go from a gasoline car to an electric car at once, I think it will go through a hybrid method.
―When will the public have a virtual wallet and participate in the Web 3.0 ecosystem?
▷I think it will take about 10 years for it to be widely used in all age groups. We plan to target 3 million Klip users and 1 million monthly active users in the short term. It is to allow about 10% of Korea to use the Klip wallet. This is our goal for next year. In order to expand the virtual asset ecosystem, it is necessary to avoid trying to tie it into my service. For example, it is an idea to earn money from staff and use it at convenience stores, and to earn items from Lineage and use them in KakaoTalk.
―One of the benefits of NFTs is the innovation of ownership. Do you have plans to add Kakao IP to Super Apps?
▷Our Kakao community has various services such as entertainment and payment. I'm still talking about it, but I'm rather unable to do a follow-up at Ground X right now. This is because they are concentrating all their efforts on making clips. Cooperation with Kakao Friends and Kakao Enter IP is still open.
― The NFT bubble theory is strong. How do you see the NFT future?
▷To be honest, I was one of those people who had doubts until I came as the CEO of Ground X. Even if it is not NFT, it is possible to prove consensus in most cases based on blockchain. Among them, a methodology to innovate ownership based on NFTs was created. At this stage, it seems to be looking at NFTs like stamp collecting. In the next step, I think a lot of apps will be created in terms of utility. We are also thinking a lot about the membership aspect. For example, department stores can issue NFT memberships and store them in a clip wallet, and open KakaoTalk open chat rooms when communication with holders is needed.
▷Actually, since I came here in March, I didn't even experience 'summer'. The company itself cannot always avoid boom and bust and must worry. Investing should always be done cautiously. Looking back at the entire blockchain industry, I think that when 'winter' comes, uncompetitive players are distinguished and boulders are hidden. Isn't there a saying that only mammals survive the Ice Age? At times like this, we plan to do better internal crackdowns and explore new possibilities diligently. Rather, I see it as an opportunity. How many coins are currently listed? In the end, I think that traffic control will be achieved through mergers and acquisitions (M&A) in the blockchain industry.
―Do you have any personal goals as a representative?
▷I've heard the phrase 'the most important thing to you is service'. She thinks she wants to create a service like KakaoTalk that her two daughters can use well in the Web 3.0 world. I can't say specifically what it is yet, but I can see the flow. The former CEO (Han Jae-seon) created the organization well. I plan to do my best so that the value of the name of Ground X is not colorless.
