Korea Blockchain Week partners with Tiger Research to release South Korea Web3 market report
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Korea Blockchain Week partners with Tiger Research to release South Korea Web3 market report
RWA tokenization and the entertainment industry will be key drivers of South Korea's Web3 expansion. Major conglomerates such as SK, LG, and Lotte are enhancing the credibility of Web3 technologies, driving overall market growth.
Navigating Web3 tides with focused insightsAuthor: Tiger Research & Korea Blockchain Week (KBW)
Translation: TechFlow
Tiger Research today released a special research report on the South Korean Web3 market titled "The Guide to Korea's Web3 Market" (full report available here). Co-authored by FACTBLOCK, the founder of Korea Blockchain Week (KBW), Web3 ecosystem builders, and co-organizer Hashed (Asia’s leading Web3 venture capital fund), the report aims to guide international investors and enterprises ahead of KBW 2024, scheduled for September 1–7, 2024.
The report explores South Korea’s key drivers in emerging as a major force in global Web3 development. It covers the regulatory, socioeconomic, and cultural context of the market, along with contributions from 18 components of the Web3 ecosystem that support its vibrant growth.
Key factors driving the growth of South Korea’s Web3 market include:
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Significant trading volume: Approximately one in ten South Koreans (around 6.45 million users, or 12.5% of the population) are registered on domestic exchanges. This high level of participation reflects strong national interest in cryptocurrencies. Earlier this year, daily cryptocurrency trading volumes even surpassed those of KOSPI (Korea Composite Stock Price Index), highlighting intense enthusiasm.
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Expanding Korean IP through RWA: Amid domestic regulatory uncertainty, participants in Korea’s RWA market are gradually expanding globally. This shift offers international investors access to Korea’s rich intellectual property and high-quality assets. As regulations evolve, Korea’s RWA market presents promising long-term investment potential.
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Entertainment and gaming: Web3 enables new business models for Korea’s entertainment and gaming companies. Modhaus is a prime example of Web3 adoption, gaining attention due to rising global interest in K-pop. Meanwhile, as the world’s fourth-largest gaming market, Korea leads in Web3 gaming innovation, outpacing international competitors.
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Accelerated corporate investment and growth: South Korea’s Web3 market stands out due to active involvement from large conglomerates—more than half of the country’s 82 registered major corporations are advancing Web3 initiatives. These investments significantly accelerate industry growth and maturity.
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Strong IT infrastructure and skilled workforce: South Korea’s advanced technological capabilities and high-quality talent pool provide a solid foundation for Web3 innovation. The ratio of developers to population reaches 4%, surpassing Japan (2.63%) and China (0.66%).
Tiger Research said, “South Korea holds a very significant position in the Web3 industry. The country ranks among the top globally in cryptocurrency trading volume, with KRW-denominated trading volumes rivaling those of USD. While many projects actively seek to enter the Korean market, growth has been somewhat slowed by the perception of Web3 as an industry requiring strict regulation and oversight.”
Seonik Jeon, CEO of FACTBLOCK, said: “This report provides a comprehensive analysis of the current state and future potential of Korea’s Web3 and blockchain market. Since launching Korea Blockchain Week in 2018, FACTBLOCK has consistently worked to highlight the importance of the Korean market and foster global blockchain collaboration. We hope this report will serve as a catalyst for advancing a unified Web3 ecosystem.”
The report notes increasing adoption of Web3 technologies across various sectors in Korea, including finance, gaming, infrastructure, solutions, and entertainment. Simon Kim, CEO of Hashed, said: “The Web3 industry has moved beyond its initial infrastructure phase and is now being creatively applied across multiple domains. Against this transformative backdrop, Korea Blockchain Week 2024 will offer crucial insights into the latest trends and innovations shaping the global Web3 ecosystem.”
On market entry, the report observes that while South Korea has shifted from an outright ban on cryptocurrencies toward a focus on investor protection, it still maintains relatively strict standards compared to other countries. Given that Web3 promotion remains a prominent topic in political discourse, the report concludes that closely monitoring regulatory developments and adopting a long-term market entry strategy will be essential.
About Korea Blockchain Week
Korea Blockchain Week (KBW), founded by FACTBLOCK and co-hosted with Hashed, has been held annually in Seoul, South Korea since 2018. It is a global blockchain and Web3 event that brings together top leaders in the space and connects diverse communities.
KBW features a carefully curated lineup of major events, including its flagship conference "IMPACT." This offers participants unique opportunities not only to exchange industry insights but also to immerse themselves in a fusion of music, art, and culture, making KBW a distinctive and enriching experience.
About Tiger Research
Tiger Research is a research and go-to-market (GTM) consulting firm focused on Asia’s Web3 market. Tiger Research’s mission is to empower everyone in the borderless digital economy by delivering world-class research and business advisory services to the world’s most respected enterprises and institutions.
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