Quick take:
- Cyworld was once one of the most popular social networking platforms in the world.
- However, after various ownership and leadership changes, it ended up disappearing into the thicket of the web.
- But, now the platform is taking advantage of the latest iteration of the internet, dubbed Web3 to debut CyworldZ in 3D avatar form in the metaverse.
One of Korea’s forgotten internet giants, Cyworld is about to make a major comeback after announcing plans to roll out Web3 products. The social networking platform is pouncing on the metaverse craze as it targets in-game crypto and NFTs.
Cyworld was once one of South Korea’s largest social networking platforms, with more than 32 million users that’s about 65% of the Korean population at the time. However, after a series of ownership and leadership changes, the platform soon found itself on the periphery, which culminated with a brand change in 2020.
Cyworld became CyworldZ, this time with the intention of onboarding the generation Z to its platform. While things did not work out as planned, it now seems to have found a new lease on life, Web3.
The company is rolling out new products that will leverage the world’s leading buzzwords, NFTs, the metaverse, and in-game crypto.
Commenting on the platform’s new direction, Kim Tae-hoon, chief executive officer of Cyworld Z said the platform aims to become the ultimate social networking service (SNS). The platform previously used a network currency called Dotori, each worth about 100 South Korean won. Therefore, the concept of using an ecosystem currency to power a social network is not something new to CyworldZ.
The platform is now introducing Dotori crypto with the launch of the $DTR token, which will be the utility token of the platform in Web3. Users will be able to exchange their Dotori digital currency with $DTR, meaning the two will co-exist in CyworldZ’s universe.
CyworldZ has partnered with a local technology company to build its own metaverse called Cyworld Hancom Town.
When the $DTR token launches later this year, the company plans to make it available for use in “shopping, virtually meeting celebrities and purchasing NFTs in the 3D metaverse that is connected to the mobile Cyworld social media service.”
The company said non-fungible tokens are crucial to its long-term plans, and thus, it is planning to allow users to create their own NFTs. Last month, Meta revealed that Instagram will be rolling out similar features, including an NFT marketplace.
Another special networking platform Parler also announced plans to integrate cryptocurrencies including NFTs, allowing users to leverage the economic opportunities created by Web3.
Limewire, which seized operation in 2010 made a comeback this year pouncing on the NFT craze. The platform recently completed a $10.4 million funding round to relaunch its music business in Web3.
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