South Korea’s content industry, home to globally competitive exports such as K-pop and K-dramas, could become the next growth stage for blockchain, according to an industry outlook. Blockchain technology, which has spread largely through finance, may extend into culture, entertainment and gaming
“The next area after finance will be social, culture, entertainment and games,” Joseph Lubin, co-founder of Ethereum, said at a press conference held at a hotel in Seoul on the 30th. “Korea will show strength in bringing ‘K-everything’ onto the blockchain.” He said non-financial services such as blockchain-based social media, games and prediction markets could spread in Korea, which holds competitive content including K-culture and K-dramas. The blockchain industry has recently widened its points of contact with the regulated sector mainly through finance. That includes trading traditional financial products such as stocks and bonds on blockchains, and using stablecoins pegged to fiat currencies such as the dollar for payments and settlement. Lubin said this trend will not stop at finance and could change the way people use social media and play games.
Lubin, who co-founded Ethereum with Vitalik Buterin, leads the blockchain technology company Consensys. MetaMask, developed by Consensys, is a widely used cryptocurrency wallet worldwide. Users can store cryptocurrency directly through MetaMask and access blockchain-based services. Lubin said MetaMask is used in about 190 countries. According to Tiger Research, MetaMask is the most widely used wallet in Korea.
Visiting Korea for the first time in seven years, he pointed to growing institutional participation as a change. “As I recall, in the past I hardly saw anyone in a suit at events,” Lubin said. “Now there are many large venues filled with business people.” Consensys and MetaMask are also expanding their contacts with domestic financial institutions. “We have no immediate plans to set up a Korean office, but we have Korean and Korean-speaking staff and are engaging with the local community,” he said.
He also expressed confidence that Ethereum will establish itself as the core blockchain infrastructure for financial institutions. He assessed Ethereum as the most advanced platform in stablecoins, RWA and decentralized finance (DeFi). Citing usage and liquidity, he stressed Ethereum’s commanding lead, saying there is “no clear No. 2.”
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Original reporting by Do Ye-ri for Seoul Economic Daily.
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