KT Corporation Shuts Down NFT Platform MINCL
Korean telecom giant KT Corporation is closing down its non-fungible token (NFT) platform, MINCL, due to shifting business conditions. The platform, operated under KT Enterprise, provided NFT minting, trading, and wallet services. Holders of KT Wiz Rookie Pack NFTs are instructed to transfer their NFTs to external e-wallets before the service conclusion date. After the closure, users will no longer have access to their remaining NFTs. KT Corporation has not responded to requests for comment.
South Korea’s Changing Stance on Web3
Last month, game developer Netmarble F&C laid off all employees in its metaverse division and is liquidating the subsidiary. Similarly, competing company Com2uS restructured its metaverse division after recording operating losses. Hyundai Department Store is also ending its digital wallet service, H.NFT. The closure of these businesses reflects a cautious approach by South Korean companies towards ventures that have not generated significant earnings in the short term. Experts suggest that large companies often pursue new businesses based on FOMO (fear of missing out), leading to these types of closures.
Hot Take: South Korean Companies Reassessing Web3 Investments
Korean companies like KT Corporation, Netmarble F&C, Com2uS, and Hyundai Department Store are reevaluating their investments in web3 technologies such as NFTs and metaverse divisions. With shifting business conditions and limited profitability in the short term, these companies are choosing to close down or restructure their ventures. This cautionary approach highlights the need for careful assessment and consideration before entering into new business areas driven by FOMO. As the web3 landscape continues to evolve, it is crucial for companies to analyze the long-term viability and profitability of their ventures in order to make informed decisions.
By
By
By
By
By