Korea’s Changwon City Boosts Local Art Scene with NFTs

Thaksin Shinawatra, who served as Thailand's 23rd prime minister from 2001 to 2006 and whose daughter Paetongtarn Shinawatra currently serves as the Southeast Asian nation’s prime minister, expressed positive views on crypto while speaking at an event in Bangkok on Monday.Photo by Evan Krause on UnsplashIssuing stablecoins According to a report by Reuters, in his speech, Shinawatra called on Thailand’s Securities and Exchange Commission (SEC) to enable the trading of stablecoins and cryptocurrencies that are otherwise backed by real-world assets (RWAs). Addressing the consideration of systemic risk posed by cryptocurrencies, Shinawatra stated:"There will be no risk, it is just another currency in the world."  Shinawatra also commented on a government plan to make the Thai tourist resort city of Phuket a potential location for a pilot program which would trial crypto payments. Bullish on crypto This is not the first occasion in which the former Thai prime minister expressed a bullish view on crypto. He has been a long-standing advocate for cryptocurrencies. His comments earlier this week mirror similar views he expressed while speaking at an event at the Intercontinental Hotel in Hua Hin in December. On that occasion, he stated: “There are already many cryptocurrencies. Some people say that in the future, we will have more currencies than countries.”  In Hua Hin, he also suggested that his friends believe that Bitcoin could reach a unit price of $850,000. With that potential rise in value, Shinawatra wants Thai citizens to be well-positioned for the crypto wave. He encouraged the Thai government to engage positively with digital assets and to take the time to study the emerging asset class. Back in August, Thailand’s SEC launched the Digital Asset Regulatory Sandbox as part of an initiative to permit interested service providers to trial crypto-related services within a controlled sandbox environment.  Building on that sentiment expressed by Shinawatra in December, in his latest speech, he called on the country’s financial institutions to be more open to cryptocurrency.  Paying attention to U.S. policy on crypto In making that call, he cited developments in the United States. Particularly, he focused on the incoming U.S. administration’s positive embrace of digital assets. This includes positive commentary made by U.S. President-elect Donald Trump and the appointment of Paul Atkins by Trump as the new head of the Securities and Exchange Commission (SEC) in the U.S. Atkins has already outlined plans to collaborate with crypto-friendly SEC Commissioners Hester Peirce and Mark Uyeda, with a view towards shaping the agency’s crypto policies.  Beyond crypto, the former prime minister had a number of other suggestions that he feels would be good for Thailand. With regard to the country’s stock market, he called for tighter regulatory oversight, tax incentives for long-term investors and improved corporate governance. He encouraged the opening of a carbon credit trading venue in order to ensure better pricing. Shinawatra believes that Thailand should legalize online gambling on the basis that it is currently losing 100 billion Thai baht ($4 billion) in annual tax revenue from the activity. The Thai government has moved to approve a draft law that would legalize casinos and gambling.

Korea’s Traditional Customer Rewards Program Embraces NFTsSouth Korean tech company SK Planet, the operator of the popular customer rewards program OK Cashbag, made an exciting announcement for points collectors today. In a recent press release, it revealed the launch of its new non-fungible token (NFT) membership program called “Road to Rich.”Photo by Markus Winkler on PexelsRewards program meets NFTsFor over two decades, OK Cashbag has been a beloved membership service for Korean consumers. Now, members can embark on a journey through the Road to Rich program, accompanied by a rabbit character NFT. By completing daily quests, participants will earn rewards such as OK Cashbag points. As they progress on their journey, users can even level up their character, with the ultimate goal of reaching level 5. At this pinnacle, users will receive a tradable TEM NFT, offering customized everyday benefits.Decentralized walletSK Planet, an affiliate of the South Korean conglomerate SK Group, has also introduced a new decentralized wallet called UPTN Station. Built on the Avalanche subnet, UPTN Station empowers users to store and transfer various digital assets, including NFTs. To enjoy the Road to Rich program, the installation of UPTN Station is required.Gaming and rewardsNotably, the Road to Rich program comprises two gaming episodes to further captivate its users and encourage active participation. Any OK Cashbag member aged 19 or older can partake in the first episode and mint their own rabbit NFT at no cost.Kim Kyo-soo, the head of SK Planet’s customer experience division, expressed enthusiasm about the NFT program, highlighting its ability to make Web3 experiences second nature for users. Moreover, he mentioned plans for future collaborations with SK Group affiliates and other partners, aiming to provide an extensive range of services.

LINE NEXT scores biggest Web3 investment in Asia of 2023LINE NEXT, the NFT business arm of Tokyo-based Internet giant LINE Corporation, has secured a $140 million investment from a consortium led by Seoul-based private equity firm Crescendo Equity Partners, according to an official press release on Wednesday (KST). This is the largest investment in the Asian blockchain and Web3 industry this year.Photo by Precondo CA on Unsplash“LINE’s global competitiveness and its vision to lead Web3 services were the investment thesis,” said Kevin Lee, Managing Partner at Crescendo. “We hope to build a standard for Web3 apps that general users can easily use and adopt blockchain to all sorts of services and brands of Web2.”Ambitious roadmapLINE NEXT plans to use the funds to popularize Web3 by expanding its global platform and developing new services. This includes the official launch of DOSI, a global mobile NFT marketplace app for trading digital products, which will be integrated with LINE’s Japanese NFT marketplace LINE NFT. The launch is scheduled for January next year.The firm will also enable Web2 services and brands to easily adopt Web3 technology by providing new solutions that allow them to directly own and trade digital products.To further promote the widespread adoption of Web3 technology, LINE NEXT plans to create an app that utilizes AI technology to facilitate communication between users via characters they create themselves, as well as a new Web3 game featuring iconic LINE characters. These services will be developed on the public blockchain Finschia.LINE NEXT and Crescendo will also participate as governance council members of the Finschia Foundation and contribute to the expansion of the ecosystem.Strategic investmentKo Young-su, CEO of LINE NEXT, pointed out that such a large-scale investment is a major step considering the global investment environment has recently been shrinking. “We plan to use this opportunity to further popularize Web3 and develop a new service ecosystem where users own the value of their digital goods,” he said.Sponsored by Peter Thiel — the co-founder of Paypal, Palantir Technologies and Founders Fund — Crescendo is dedicated to discovering and investing in promising technology companies both in South Korea and overseas.