The Korean Web3 market report notes that conglomerates such as SK, LG, and Lotte are enhancing the credibility of Web3 technology.
Tiger Research, a research advisory firm centered on the Asian Web3 market, released a special research report on Korea’s Web3 landscape. Authored in collaboration with the founder of the Korea Blockchain Week (KBW), the report offered a primer for international investors and businesses ahead of KBW, which will be held from 1st to 7th September.
The report explored key drivers positioning South Korea as a pivotal force in global Web3 evolution, covering the market’s regulatory, socio-economic, and cultural context, along with various Web3 ecosystem components.
Key highlights in the Korean Web3 market report include:
- Substantial Trading Volume: One in ten Koreans (6.45 million users, or 12.5% of the total population) are registered with domestic exchanges, highlighting the country’s strong interest in crypto.
- Expansion of Korean IP through RWA: Amid domestic regulatory uncertainty, Korean real-world asset (RWA) market participants are increasingly expanding globally. This shift provides international investors access to Korea’s rich intellectual property and high-quality assets. As regulations evolve, the Korean RWA market presents promising long-term investment opportunities.
- Entertainment and Gaming: Web3 offers new business models for Korean entertainment and gaming companies. As the fourth-largest gaming market globally, Korea’s gaming ecosystem is at the forefront of Web3 gaming innovation.
- Large Enterprises Accelerating Investment and Growth: The Web3 market in Korea is distinguished by the active involvement of conglomerates, with over half of the 82 registered ‘large enterprises’ pursuing Web3 initiatives. These investments are significantly accelerating the industry’s growth and maturation.
- Robust IT infrastructure and skilled workforce: Korea’s advanced technological capabilities and highly skilled talent pool provide a solid foundation for Web3 innovation. The market boasts a high developer-to-population ratio (4%), surpassing Japan (2.63%) and China (0.66%).
“The report highlights the increasing adoption of Web3 technologies across various sectors in South Korea, including finance, gaming, infrastructure, solutions and entertainment. “The Web3 industry has moved beyond its initial infrastructure phase and is now being creatively applied across various sectors,” said Simon Kim, CEO of Hashed.
The Korean Web3 market report notes that while South Korea has shifted from an outright crypto ban to a focus on investor protection, it maintain stringent standards compared to its global peers.
Read the full report on the website.
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