Interview with NFT Bank CEO Kim Min-soo
From transactions to investments..."Efforts to expand the NFT ecosystem"
"NFT will become a universal asset representation method that encompasses all assets"
"The weak market is rather an opportunity..."I can sort out good projects."
Kim Min-soo, CEO of NFT Bank, who is giving a lecture at Korea Blockchain Week 2022 / Photo = Reporter Jung Hyo-rim.
NFT Bank, a domestic non-replaceable token (NFT) asset management and evaluation platform that attracted 15 billion won worth of investment from many investors such as Hashed, Digital Current Group (DCG) and Alameda Research, will enter the venture capital business in April.
We met with CEO Kim Min-soo, who visited Korea Blockchain Week 2022 (KBW2022) ahead of the new business promotion and listened to his plans and aspirations for the new business.
From transactions to investments..."Efforts to expand the NFT ecosystem"
"The NFT will be a way of representing universal assets, not special types of assets. Eventually, NFT Bank Ventures becomes a venture capital (VC) that is involved in all assets in the Web 3 area."
In an interview with BloomingBeat on the 9th, CEO Kim Min-soo said, "In order to expand the NFT ecosystem and market, I have been thinking for a long time about what other businesses can be done besides the existing NFT asset management and evaluation portfolio business."
"By providing NFT asset management services, we were able to build an NFT financial engine with various functions such as valuation models, risk judgment models, and sale functions," CEO Kim said. "As we started to provide the engine's application interface (API) to partners, we thought about how to use our capabilities to help the NFT ecosystem."
Through investment projects, the company decided to create an environment where good projects can grow while sharing capital as well as the capabilities of the company.
He said, "I have experienced buying and selling NFTs so far. Through this, we will take the next step, he said. "As the NFT-based financial market is established in the future, the size of derivative services that will help the ecosystem, such as NFT mortgage services, is also expected to grow." We will grow together to expand the ecosystem with these derived services," he stressed.
"NFT will become a universal asset representation method that encompasses all assets"
NFT Bank Ventures Team, Heo Jin-ho Partner (upper left), Lim Ji-sung Partner (upper right), Kim Jung-hyun Partner (lower left), Kim Min-soo Partner (lower right) / Photo = Reporter Lee Young-min
CEO Kim predicted that in the future, NFT will not be a special type of asset, but a method of expressing universal assets that encompasses all assets.
"In the future, all assets will be expressed through NFT, and a financial world based on NFT will unfold," he said. "In the end, all goods from the traditional financial market will be issued in NFT, and NFT Bank will be reborn as a JP Morgan of Web 3.0 that encompasses all these assets."
It is explained that the newly introduced venture capital business is also part of such a plan. CEO Kim said, "As it is an investment project to expand the NFT ecosystem and market, not to increase capital, we will provide various support for investment partners."
"The project we are trying to carry out is a little different from the existing venture capital," he said. "The existing venture capital has made financial support-oriented investments, but we will not only provide financial support but also transfer our technology and know-how to open the way for the project to go in a good direction."
"The weak market is rather an opportunity..."I can sort out good projects."
Meanwhile, CEO Kim Min-soo stressed that "Crypto Winter," which has been continuing since the collapse of the TERRA blockchain, could serve as an opportunity.
"The market situation is bad enough that OpenSea trading volume has recently fallen to an all-time low," CEO Kim said. "If the market situation worsens, speculators leave the market and only real builders remain in the market." "It's a perfect time to judge valuable projects and make valuable investments," he said.
He added, "As Korea Blockchain Week, the nation's largest blockchain event since COVID-19, will be held offline for the first time in three years, we will meet excellent Web 3.0 partners who will grow together at the venue."
