“Hesitating to introduce NFT because it’s unfamiliar? We will pioneer a new market like Netflix” > NFT_News KDCA(한국데이터공인인증원)

43rd anniversary of Maekyung Economy 
‘NFT powerhouse’ conference held 

Opportunity to secure new sales and fandom 
Hesitating over unfamiliar concepts 

Clear institutionalization related to issuance and distribution
Growing into the financial industry and attracting investment
Active support for overseas expansion
Korea leads the global content market 

◆ NFT ConferenceNFT ◆

 

"If we can develop a new financial industry by presenting clear guidelines to the NFT (non-fungible token) market, it will be reborn as a powerful 'weapon' unique to Korea that leads the global content market in the future."

What policies are needed for NFT to go beyond simple art investment and settle as a 'future industry'? On the 5th, Maekyung Economy held a conference on the 43rd anniversary of its founding under the theme of 'NFT powerhouse is cultural powerhouse' and focused on the meaning and growth potential of NFT from the economic and industrial perspectives.

 

The main point is that 'the institutionalization of NFT will lead to the development of the domestic content and financial industry'. Above all, the economic effect of NFTs is noteworthy. Global statistics site Statista and Zephyr Investment Bank estimate that the global NFT market this year is about 45 trillion won ($35 billion). Compared to 2019, three years ago, it has soared nearly 1,500 times.

Companies can expect new sales with NFTs. A typical example is Yuga Labs, which emerged as a unicorn company by raising an initial investment of 450 million dollars (approximately 550 billion won) from a world-famous venture capital (VC) in March of this year. Yuga Labs is a production company of 'BAYC', famous for its monkey character NFT, and recorded net sales of $125 million (approximately KRW 160 billion) last year alone through NFT sales.

It also has the effect of creating new jobs. 'Lambda 256', which is operating a NFT issuance support platform, is a good example. Lambda 256, which started in 2019 with a capital of 2 billion won and 10 employees, has grown into a company with a corporate value of 340 billion won and 80 employees as the demand for NFT has soared.

However, many companies are still reluctant to enter the NFT business. One of the biggest reasons is that NFTs still feel 'unfamiliar'. Not only is the concept itself unfamiliar, but the complex blockchain technology is also an entry barrier for companies.

To overcome this and lead the future innovation industry of the NFT market, Maekyung Economy proposed three things. First, it is the establishment of 'clear guidelines'. Currently, there are no guidelines related to NFT. It is necessary for NFTs to be recognized as a financial asset through the establishment of NFT issuance and distribution guidelines by a public-private task force (TF) and further enactment of the Framework Act on Digital Assets.

Second, fostering as a 'new financial industry'. This is because the market is activated only when transparent capital flows. Recognizing NFT as an asset can activate various financial products. For example, 'NFT collateral loan', 'content NFT ETF', 'NFT collective investment', etc.

Lastly, 'active overseas expansion'. When NFT funding is activated, the opportunity to advance overseas increases accordingly. A typical example is the establishment of a joint corporation in Los Angeles, USA for the new NFT business by 'Dunamu', which operates the virtual asset exchange 'Upbit', and 'Hive', the agency of BTS. Government support is also important.

In the presentation, Park Soo-ho, deputy head of Maekyung Economy, said, "If a new financial market is formed through the incorporation of NFTs into the institutional system, such as the Basic Act on Digital Assets, the growth potential is endless. By issuing NFTs, companies can gain new sales as well as opportunities to create a global fandom. "he emphasized.

At the conference, NFT success stories were also presented. “Earlier this year, we sold 10,000 NFTs made using Sunmi’s IP at 500,000 won each, and they were sold out in 0.3 seconds,” said Lee Sang-seok, CEO of FSN, which operates the NFT project “Sunmiya Club” with artist “Seonmi” at the forefront. "In the metaverse era, NFTs will play a big role in creating new fandoms and communities for companies," he said.

CEO Rob Anders, who founded the digital art startup 'Niio', emphasized the 'potential of NFT'. 'Nio' is a platform that provides a streaming service for digital art works, and is currently collaborating with over 8,500 digital artists in 102 countries around the world. "Spotify and Netflix were all skeptical at first," he said.

He predicted, “If the ecosystem of digital works centered on NFTs is completed, another huge new content market will be opened.”

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