South Korea’s Telecom Giant SKT Sets Sights on Web3 Market: 30 Million Users to Make the Leap?
SKT’s Embrace of Web3 — A Strategic Shift
South Korean telecommunications behemoth SK Telecom (SKT) announced at the UDC（Upbit D Conference） 2023 conference its strategic pivot towards the burgeoning Web3 market. Vice President Oh Sae-hyun highlighted SKT’s active role in constructing the necessary infrastructure for Web3, signaling a significant shift from their traditional Web2 platform.
The Transition of 30 Million Users from Web2 to Web3
A groundbreaking strategy revealed by Vice President Oh involves transitioning SKT’s existing 30 million user base from the Web2 platform to the Web3 ecosystem. This move aligns with the company’s vision of tapping into high-value markets and solidifying its presence in the digital economy.
The Future of Finance — A Web3 Perspective
Oh anticipates that in the next decade, about 70% of new value will be generated from digital platform businesses, with Web3 playing a crucial role. He predicts a shift in the financial business model from traditional and tech-based banking to blockchain-based operations.
Partnership with CryptoQuant for T Wallet Development
SKT’s network division, since its inception in 2017, has evolved from establishing a private blockchain to launching decentralized identity (DID) services. Recent strategic shifts led to the discontinuation of these services, focusing instead on enhancing customer engagement through custody and application services. Notably, SKT and blockchain data analytics firm CryptoQuant have partnered to develop ‘T Wallet,’ a Web3 wallet service, with an emphasis on user experience (UX).
Launch of NFT Trading Platform TopPort
On August 3, last year, SKT launched TopPort, an NFT trading platform allowing users to buy and sell member NFTs and metaverse items. To engage the general public, TopPort’s NFTs are showcased on media walls in Seoul’s Gangnam Station and COEX in Samseong-dong.
Conclusion:
SK Telecom’s foray into Web3 marks a pivotal moment in the telecom industry, as it aims to leverage its massive user base to drive innovation and growth in the digital space. With the launch of T Wallet and TopPort, SKT is positioning itself at the forefront of the Web3 revolution, signaling a new era in telecommunications and digital services.
Keywords: SK Telecom, Web3 Market, UDC 2023, T Wallet, TopPort, NFT Trading, CryptoQuant, Digital Transformation, Blockchain Infrastructure, South Korean Telecom Giant, Decentralized Finance, Metaverse
