Some of East Asia’s biggest tech companies are diving ever deeper into the world of crypto, with Japanese and South Korean mega-corporations eyeing the metaverse, non-fungible tokens (NFTs), Web3 and the expansion of blockchain activities.
South Korean telecoms 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 it will launch a metaverse product this year.
According to Asia Kyungjae, SK made an undisclosed “stock investment” in Interactive Morpha company it has partnered with since 2021, as it seeks to accelerate the introduction of new layers of functionality for its Ifland metaverse platform.
SK, which has cornered 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 type of timetable it has set for its subsidiary Square SKwhich is working on launching the token.
Morph, which specializes in 3D design for the metaverse space, was quoted as explaining that it was working to turn Ifland into “an actively used communication tool in the company’s 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 branch 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 biggest communication 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 firm now wants to repeat this success with its commercial branch Line NFT, which, by an official announcement, launched this week with 40,000 NFT offers. The project has already seen the firm collaborate with the Japanese entertainment giant Yoshimoto Kogyo Holdings to produce exclusive NFT videos named Yoshimoto NFT Theater. He’s also struck a deal that will allow him to release NFTs inspired by the anime series. Mobile Police Patlaboration.
The company said more NFT items would be added in the future, and its NFTs could be stored in wallets generated by its Bitmax line Japanese crypto exchange using either its link coin or a payment gateway for its Line Pay electronic payment platform.
Also in Japan, the gaming giant and toymaker Namco Bandai is set to invest some $24 million in Web3, metaverse, and blockchain projects. CoinPost reported that the company, which holds a series of lucrative intellectual property titles, will seek to spread its investments over the space of 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 stage fundraising campaigns as it seeks to expand its presence in the metaverse.
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Asian Biz Giants SK, Bandai, Line Bolster Metaverse, NFT Operations Tech Tribune France
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