The NFT 2023 Seoul Conference on Friday focused the connection between non-fungible tokens (NFTs) and Web3 infrastructure as well as the role of Security Token Offerings in fundraising.
Patrick Yoon from cryptocurrency exchange company Crypto.com Korea opened the sessions by talking about the the growth trajectory Web3. He predicted a $50 trillion-$60 trillion Web3 valuation by 2030, with NFTs poised to claim 10 to 15 percent of the digital asset valuation by that time.
To simplify the concepts, Shin Young-sun from Hello Web3 used an analogy, likening NFTs to a “dish” and Web3 to “cutlery,” suggesting that their value lies in tangible experiences, like proving that you went to a New Jeans fan event.
The practical implementations of Web3 were further explored by Kim Min-suk from T-Max Metaverse, who brought focus to the transition from 2D to dynamic 3D content. He revealed his vision for a platform where "ideas become artwork," underpinned by AI and blockchain.
Another real-world application was a 3D web company called iStaging Asia's innovative product, “iStaging -- Our Song.” Showcased by CEO Choo Seon-woo, it lets users engage with music and art in a spatial environment and purchase unreleased music NFTs. Further, Choo pointed out their platform's unique capability to "virtually simulate and experience any environment," which has attracted luxury brands such as LVMH and Dior for collaborations.
Source: Korea Herald