SK Telecom and Polygon Labs Team Up for Web3 Ecosystem Development

South Korea’s second-largest cryptocurrency exchange Bithumb held a ceremony on Monday at the Bithumb Customer Center in Seoul to celebrate the commencement of the exchange’s supporter group, Thumbs Up, according to an article published by local news site Digital Daily on Tuesday (KST). The group consists of 20 university students interested in crypto and crypto exchanges who were recruited after a two-week application period starting on Dec. 13.Photo by charlesdeluvio on UnsplashPushing towards advancements in crypto"The open-mindedness and unconventional outlook of Bithumb's college student supporters will have a positive impact on Bithumb and the blockchain industry," said Kim Young-jin, Head of Business Support at Bithumb. "We look forward to the Thumbs Up supporters and Bithumb working together to create great projects." Cultivating young innovative mindsThe supporters will have a total of three months until the deadline on April 29 to propose ideas for improving Bithumb and create social media content related to the exchange's services and companies. Bithumb stated that it would award prizes of KRW 5 million and KRW 2 million to one team and five individuals, respectively, based on their dedication and performance. The winners will also get the opportunity to become interns or official Bithumb ambassadors.

NFTs to Enrich Reading Experience for Book Lovers in JapanBook lovers in Japan are soon going to be able to enjoy an enhanced reading experience with the introduction of electronic books based on non-fungible tokens (NFTs). Media Do, an ebook distributor based in Tokyo, has partnered with Hayakawa Books & Magazines to publish a series of five NFT-based ebooks. The first lineup is scheduled for release on June 20, 2023.Photo by Hiroshi Tsubono on UnsplashTraditional and digital publishingThis collaboration is noteworthy as it merges the world of physical paper books with digital editions, making it the first-ever initiative to create non-fungible token (NFT) copies of traditional books. By bridging the gap between traditional and digital publishing, readers can now enjoy the benefits of both formats.These NFT-based ebooks offer readers the convenience of accessing and reading them through smartphone apps, while also serving as proof of ownership for each book. Media Do’s NFT platform, FanTop, will facilitate the trading of these NFTs, creating a marketplace for enthusiasts to buy, sell, and collect these unique digital editions.Copyright owner supportWhat sets FanTop apart is its dedication to supporting authors. Each NFT transaction on FanTop will result in a fee paid to the copyright owners, ensuring they receive fair compensation for their valuable work. Connecting more than 2,200 publishers and 150 ebook stores, Media Do aims to develop FanTop into a platform that consistently provides fair and appropriate incentives to copyright owners, including authors and publishing houses.Enriched reading experienceMoreover, these NFT-based ebooks will elevate the reading experience by offering exclusive content such as alternative endings, commentaries, and guidelines. NFT ebooks possess a unique ability to incorporate videos and music, thereby enriching the reader’s understanding of the original text and immersing them in the world of the work. In the future, NFT ebooks may even include licensed works such as films or music that inspired the author during the writing process. This additional value will fuel demand in the secondary market, including trading on FanTop.Empowering creatorsFanTop aims to establish itself as a non-speculative platform that focuses on distributing valuable content. It is dedicated to empowering creators, allowing them to exercise autonomy in determining specific trading details for their works. This includes the ability to set royalties and other parameters that align with their preferences and goals.Higher books sales with NFTsSince October 2021, FanTop has been offering exclusive NFT materials to promote sales of paper books. This initiative has allowed readers to enjoy the digital versions of their books on FanTop. As of March 2023, the sales of about 100 works, which included NFT copies, were 32% higher than their original editions within 30 days of release. Their average sales price was also 31% higher than their original counterparts. Media Do has been collaborating with over 70 companies, including publishers, to plan and develop content with NFT-based books.

Internet-only Kbank offers virtual accounts for fractional art investorsKbank, a neobank based in South Korea, announced on Tuesday (local time) a new service for its customers interested in art investment. According to a report by local news outlet Newsis, Kbank has introduced virtual accounts for clients investing in securities that allow fractional ownership of artworks. These virtual account numbers will mirror the mobile phone numbers of securities subscribers, making them easy to remember and use. Subscribers will utilize these accounts to deposit funds for placing bids on fractional shares of art pieces.Photo by Precondo CA on UnsplashYayoi Kusama’s pumpkinThis unique bidding event, a first in the nation, is scheduled to run until Dec. 22. It will feature “Pumpkin,” a 2001 artwork by renowned Japanese contemporary artist Yayoi Kusama. Artnguide, a platform operated by Yeolmae Company, is managing the event. Yeolmae Company has secured regulatory approval to issue security tokens backed by the artwork.Total of 12,320 sharesThe event offers a total of 12,320 shares, with each share having a par value of KRW 100,000, which is approximately $77. An individual participant in this event is allowed to place bids for a maximum of 300 shares.In the Korean crypto market, Kbank is well-known for providing banking services to Upbit, the nation’s largest fiat-to-crypto exchange. In Korea, legal regulations mandate that any virtual asset service provider offering trading in Korean won must secure bank accounts from a local bank.Kbank’s recent initiative highlights the internet-only bank’s active engagement in the blockchain industry. Presently, Kbank provides its virtual account services to 16 companies, and it is focused on expanding its partnership base. Looking ahead, the bank plans to diversify its financial offerings, exploring innovative approaches like security token offerings to broaden its services in the evolving financial landscape.