Less than two weeks after relaunching to enable 3Million South Koreans to rebuild their accounts, the South Korean social media network CyWorld is finally resurfacing in a Web3 avatar.
According to a report, Cyworld which has been rebranded as CyWorld Z is expanding its services to include cryptocurrencies, NFTs, and the metaverse.
“Z is the last of the alphabet. Cyworld Z will be the ultimate social networking service (SNS),” Kim Tae-hoon, CEO of Cyworld Z stated.
The original Cyworld used an electronic currency called Dotori, which had a value of 100₩(0.08USD) per unit. Dotori was used to buy aesthetic things for a user’s avatar or background music that would play whenever the user’s ‘mini-homepage’ was accessed.
Cyworld Z is intending to release a Dotori cryptocurrency (DTR) that will be convertible with the in-platform Dotori currency rather than replacing the original Dotori on the revamped Cyworld platform.
Dotori will demonstrate its value as a utility token later this year when Cyworld Z debuts its metaverse and an NFT marketplace, where the Dotori might be utilized as currency.
The company developed a metaverse called Cyworld Hancom Town with the help of technology firm Hancom, which launched as a beta service in December 2021.
In the 3D metaverse that is connected to the mobile Cyworld, the Dotori will be used for shopping, digitally meeting celebrities, and purchasing NFTs at its formal launch.
Every user will be able to create their own NFTs, and those that utilize the platform to mint their photos as NFTs will be rewarded with in-game Dotori money, which can then be exchanged for the Dotori cryptocurrency or “SNS-to-earn”.
According to the CEO, integrating the nostalgic Cyworld with a blockchain-led edge like play-to-earn will help the platform achieve a competitive advantage.
Despite a number of automated software options on the market, the platform is currently working on reuploading the archived articles and photographs.
An internal white paper revealed a launch is supposed to happen within the third quarter. But no official launch date for the NFT marketplace or the official metaverse has been announced.
“The biggest asset of Cyworld is nostalgia. Some 32 million users, 17 billion pictures, 160 million videos and 1.1 billion diary entries — the value of memories will not disappear in a short period of time,” Kim noted.
Last month South Korea’s Cheil Worldwide, a subsidiary of Samsung, announced that it will not only mint NFTs but also create an NFT marketplace for trading digital assets. Cheil has also started recruiting professionals in the blockchain industry to develop the platform.
