<p>Simon Kim, CEO of Asian blockchain investment firm Hashed, <a href="https://www.techm.kr/news/articleView.html?idxno&#61;114113" rel="noopener noreferrer nofollow">highlighted</a> South Korea’s potential to pioneer the mass adoption of Web3 during his keynote speech on Tuesday at Impact, the main conference of Korea Blockchain Week 2023 held at the Shilla Hotel in Seoul.</p><p>“Korea possesses the strength to lead despite its small size,” he said. “The country will serve as the turning point for Web3.”</p><h2 id="header-0">Tech trailblazer</h2><p>Kim elaborated on the unique characteristics of Korea’s Web3 ecosystem, citing the so-called “kimchi premium” phenomenon, where cryptocurrencies in Korea are valued higher than other global exchanges, as well as the country’s role in leading altcoin price fluctuations and bull markets.</p><p>Furthermore, Korea also has one of the world’s fastest and most widespread high-speed Internet networks, with nearly 100% coverage and a smartphone penetration rate exceeding 97%.</p><p>According to Kim, digital natives are the driving force behind many inventions that have marked the country as a longstanding hub of innovation and digitization. Among these inventions is the world’s first online game, The Kingdom of the Winds, and the world’s first avatar-based social platform Freechal, as well as the pioneering e-sports league StarCraft League and game item trading platform itemBay.</p><p>In particular, Freechal can be deemed as a forerunner to the current trend of using non-fungible tokens (NFTs) as profile pictures on social media. itemBay also serves as the precursor to both virtual asset and NFT exchanges. These types of early ventures are inextricably linked to the rise of cryptocurrency exchanges.</p><p>Kim went on to underscore Korea’s prowess in the gaming industry, mentioning popular games like Dungeon Fighter Online, MapleStory, and PlayerUnknown’s Battlegrounds (PUBG). He noted that many local game developers have already established Web3 studios and are actively preparing to transition to the world of Web3 gaming. The K-pop industry has also been incorporating Web3 technology in various projects.</p><h2 id="header-1">Merging hemispheres</h2><p>Hashed has been actively investing in projects since 2016, with over 150 projects in its extensive portfolio. Of these projects, approximately 71% of those based in Western countries are related to infrastructure, while 67% of those based in Eastern countries are related to digital content and apps. The company ultimately aims to serve as a bridge connecting the East and West by acting as a network builder to facilitate this exchange, Kim said.</p>

Hashed CEO Emphasizes South Korea’s Potential to Lead Mass Adoption of Web3 in Asia

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