"NFT is Digital Hermes... Preparing for The Third Wave" > NFT_News KDCA(한국데이터공인인증원)

At the Maeil Business Fashion, Beauty, and Distribution CEO Forum held at the Shilla Hotel in Jung-gu, Seoul on the 24th, Choi Jun Ho, CEO of Castelbaja, Kim Ji Won, CEO of Hansae MK, Kim Yu Mi, CEO of J·ESTINA, Shin Yu Jung, director of Able C&C, Jang Seung Jun, vice-chairman of Maeil Business, Ryu Jeong Hye general manager of Kakao Enter, Ahn Se Jin, director of Amway Korea(from the second from the left in the front row)Attendees pose for a commemorative photo. [Reporter Lee Chung Woo]

“Non-Fungible Token(NFT) is called decentralized Disney because they are generating a huge fandom in the digital world. Korean brands must also prepare for the third wave.”

Ryu Jeong Hye, general manager of Kakao Entertainment, diagnosed at a lecture at the Maeil Business Fashion, Beauty, and Distribution CEO Forum held at the Shilla Hotel in Jung-gu, Seoul on the 24th, "As digitalization accelerates worldwide after the pandemic, new markets are opening up." She added, "The keywords that dominated the global economy over the past year were 'Metaverse', 'Blockchain Game', 'NFT Art' and 'NFT Market'," and "Among them, NFT has become an irresistible trend."

Korean brands that are gaining popularity worldwide should also use blockchain as a new driving force. Director Ryu's analysis is that the formula of 'digital = infinite replication' that was used in the past is collapsing with blockchain technology. She said, "Using blockchain technology, an image can be made unique in the world," and "With the creation of a digital copy of the register, the economic formula that scarce value can be created even in digital has been established." It is explained that there is a high possibility of NFT expansion as Korean fashion, beauty, and distribution brands are also attracting attention together with the Korean Wave craze. Director Ryu said, “It is a truly symbolic event that ‘Everydays’, a photo work by Biffle (real name Mike Winkelman), a digital art artist who opened the NFT market, was auctioned off at a Christie’s auction in March last year for about 78.4 billion won.”

Director Ryu continued her analysis by introducing 'players (businesses)' that are currently attracting attention in the NFT world. That is analysis of project 'BAYC' (Bored Ape Yacht Club). This project, which produced a funny ape picture as an NFT image, was truly a 'jackpot'. Director Ryu said, "Yuga Labs issued 10,000 of these images in April of last year, and now the price of the cheapest image has grown to 400 million won," and "With the success of this project, the NFT market began to open in earnest." NBA star Stephen Curry and French professional soccer league Paris Saint-Germain Neymar are also using this image as their official profile. “The message that you can use 400 million won worth of images as a profile is important. If there is Hermès offline, then there are NFTs in the digital world (laughs).”

NFT image publishing itself does not guarantee success. There is no case that has gathered a lot of topics in Korea yet. Director Ryu said, "If you look at NFT success stories, most of them created a community so that users can enjoy it on their own," and "The key is that the holders produced the 2nd and 3rd contents themselves." In fact, in the case of BAYC, cases of those who have pictures of monkeys making books with the theme of this character or creating a hip-hop group began to appear. Overseas brands are confirming the growth potential of NFTs and accelerating business expansion. Sports brand Adidas is a representative example. Adidas unveiled an NFT collection using the BAYC image. The MZ generation was enthusiastic about it, and sales reached 27 billion won. Director Ryu added, "Even those who were reluctant to NFTs, there were many cases in which they were favorable to products that collaborated with existing brands," and "That a great opportunity can open up for entrepreneurs who run offline brands who are present here now." It is also true that there are voices that disparage NFT, saying that they have no intrinsic value. Due to the instability of the coin market, which fluctuates rapidly, there is also an atmosphere that sees NFT as a kind of gambling. However, director Ryu said, "In the past, the coin market did not appear as a real product, but now there are many cases that are realized through NFT and DeFi(Decentralized Financial System). The future belongs to those who see possibilities."

[Reporter  Kang Young Woon]

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