Deutsche Bank joins Singapore's asset tokenization initiative

BC Card Accelerates Launch of NFT Guarantees for Secondhand Luxury Goods TradesSouth Korean credit card issuer BC Card announced on Sunday that it has applied for two domestic patents for blockchain technology that will be used to issue digital guarantees for purchases of luxury goods, such as bags, watches, and more. These guarantees will be minted as non-fungible tokens (NFTs) that can later be accessed by buyers or sellers during secondhand trades, which often pose risks and uncertainty regarding product quality or authenticity.Enhancing trust and securityThese NFTs will be based on paper or digital payment receipts — which contain detailed information on purchase receipts, such as product names, payment amounts, purchase dates, and shop information — that a customer receives after purchasing goods at stores that accept BC cards.Photo by Towfiqu barbhuiya on UnsplashBecause the guarantees are stored on a blockchain, they are almost impossible to tamper with. BC Card anticipates that this service will offer advantages like boosted safety, convenience, and security for both buyers and sellers who wish to partake in transactions of secondhand luxury goods.In addition, the data distributed across servers eliminates concerns about data loss. To achieve this, BC Card plans to collaborate with telecommunications provider KT and BC’s subsidiary, VP, which specializes in electronic payment services.“Through this patent application, we expect to significantly enhance the trustworthiness of secondhand luxury goods transactions in Korea,” said Kwon Sun-moo, Director of the New Financial Research division at BC Card. “After the patents are registered, we plan to collaborate with companies under KT Group like KT Alpha as well as other distribution companies in a business-to-business-to-consumer (B2B2C) system.”Access through a digital walletCustomers can take a photo of a receipt with their phones or download it, then upload it to BC Card’s financial platform, Paybook. The photo is then converted into an image that is automatically stored as an NFT on the blockchain network.Once a seller registers a payment receipt for a product that they bought, then the subsequent NFT guarantee can be accessed or sent through their BC Card digital wallet — a feature that the company plans to launch soon — at any time during future transactions. This offers a convenient solution to the possibility of losing receipts, which traditionally requires manually downloading them again from the card company’s website or app.Revolutionizing secondhand tradeThis new technology could play a significant role in the booming resell and secondhand goods trading market, the company said. According to data from the Korea Internet & Security Agency last year, the domestic secondhand market has grown from a scale of KRW 4 trillion in 2008 to KRW 24 trillion in 2021 and is projected to exceed KRW 30 trillion this year.“Through the registration of payment receipts, we can analyze consumption patterns and even suggest improvements in spending habits to our customers,” Director Kwon highlighted.BC Card is also considering offering luxury appraisal and authentication services along with the future launch of the NFT service.

Blockchain Council Exec: Philippines Poised for Crypto AdoptionDonald Lim, the Founder of the Blockchain Council of the Philippines (BCP), believes that the country has all the necessary elements for mainstream crypto and blockchain adoption.In a recent interview with Cointelegraph, Lim discussed the potential for crypto adoption in the Philippines and explained why he is optimistic about the success of blockchain projects in the country.Photo by Krisia on PexelsFinding its place in blockchainAccording to Lim, the BCP recognized the global shift towards Web3 and organized the Philippine Blockchain Week to explore the ecosystem’s potential. That activity revealed to the organizers that the country has a vibrant community eager to find its place in the world of blockchain. Lim expressed confidence in the Philippines becoming the blockchain capital of Asia, citing the country’s technical expertise, young population with a median age of 25, and its ability to adapt quickly, as demonstrated by the popularity of the play-to-earn game Axie Infinity.Crypto interestAxie Infinity, a play-to-earn blockchain game, gained significant traction in the Philippines in 2021, with 40% of its player base coming from the country. This increased awareness of Web3 concepts and the creation of crypto wallets. Additionally, research carried out recently suggests the Filipinos are among the most interested in crypto in the region.Lim noted that international organizations have been eager to enter the Philippine market due to favorable demographics and the government’s open stance on crypto and blockchain. The executive emphasized that the government is not seeking to stifle innovation in the sector. On the contrary, it welcomes blockchain and Web3 projects, creating an environment conducive to their growth.Ethan Rose, founder of Pouch, a wallet service supporting the Bitcoin Lightning Network in the Philippines, corroborated this sentiment. Pouch has successfully onboarded over 400 businesses in the country to accept Bitcoin payments. While the onboarding of Filipino merchants into the crypto space is a positive step, Lim believes that it will take time before living solely on Bitcoin or crypto becomes a reality.Adoption inevitableHowever, he remains optimistic about the future, stating that it is only a matter of time before crypto adoption snowballs into something more significant.Lim highlighted the need for infrastructure development, expecting it to mature within the next four to five years. As the infrastructure improves, crypto will not only be used for payments but also for activities such as purchasing non-fungible tokens (NFTs) and participating in the metaverse. This comprehensive adoption will pave the way for a crypto-powered future in the Philippines.Philippine regulator, the Securities and Exchange Commission (SEC), recently delayed publication of its crypto regulatory framework. However, it appears that the move stems from an abundance of caution in getting the regulation right. Earlier this year, Robert De Guzman, Head of Legal Compliance at Philippines-based cryptocurrency exchange, Coins.ph, expressed his optimism that the authorities are developing a progressive regulatory framework for crypto in the Southeast Asian country.The Philippines shows promising potential for crypto and blockchain adoption, fueled by its young population, technical expertise, and supportive government. As the infrastructure continues to evolve, crypto adoption is expected to expand beyond payments, encompassing various aspects of the digital economy.

Intella X Explores Ways to Integrate YGG’s Soulbound Reputation Tokens into Its WalletIntella X, a South Korean Web3 gaming platform, has announced its partnership with Yield Guild Games (YGG), a leading DeFi-powered gaming guild.Photo by Shubham Dhage on UnsplashBoosting Intella X’s global presenceThis collaborative effort is expected to boost Intella X’s presence in the global Web3 sector. YGG, boasting a membership base of over 450,000 worldwide and collaborating with more than 80 gaming companies, recently launched Superquest, a new way to earn in-game rewards. Superquest awards soulbound reputation tokens to gamers based on their level of community engagement and contributions. The two organizations will explore ways to integrate YGG soulbound reputation tokens into Intella X Wallet (IX Wallet), a Web3 wallet designated for the Intella X platform.In an attempt to expand its ecosystem, Intella X has soft-launched the Android and web versions of IX Wallet. Furthermore, the Korean Web3 platform in February joined forces with IndiGG, a sub-decentralized autonomous organization of YGG in India.Neowiz’s Q2 financialsIn the midst of these developments, Neowiz, the parent company of Intella X, last week disclosed its financial performance for the second quarter. The company garnered revenues amounting to KRW 70.1 billion ($52.7 million), signifying a year-on-year decrease of 0.2%. Neowiz incurred an operating loss of KRW 4.9 billion during the same period, venturing into negative territory in Q2. This setback can be attributed to escalated marketing expenditures associated with the launch of the mobile role-playing game “Brown Dust 2” and the third-year anniversary celebration of the MMORPG title “Kingdom.” The latter is the brainchild of game developer FOW Games, a company Neowiz acquired in May.Meanwhile, Neowiz’s Q2 net income recorded an 8% year-over-year increase, totaling KRW 22.4 billion. This one-time gain is due to the sale of certain shares the company owned in another entity as part of the wider FOW Games acquisition strategy.Path to recoveryIn the latter half of this year, Neowiz is gearing up for recovery, channeling its focus into in-house developed titles. A key highlight among these is the imminent launch of “Lies of P” on September 19. As the launch date of this soulslike video game, inspired by the narrative of Pinocchio, draws near, the company is poised to offer game packages for pre-sale commencing September 17. These packages will be accessible both online and in-person through the e-commerce platform SSG.com and the warehouse chain E-Mart Traders. An extensive global marketing campaign is also in the works, with Neowiz set to participate in Germany’s Gamescom 2023 later this month.