Asian Tech Giants Dive Into Crypto World: SK, LINE, Bandai Eyes Metaverse, NFT Projects

Major tech giants in East Asia are diving into the crypto space as big firms in South Korea and Japan explore metaverse, non-fungible token (NFT), Web3, and blockchain.

SK, a telecoms and chaebol business giant in South Korea, reveals its plans to launch a metaverse product this year. However, the firm is already working on the launch of a crypto asset that will comply with the firm’s other services.

The reports from Asia Kyungjae unveiled an undisclosed “equity investment” made by SK in Morph Interactive. The collaboration of SK with Morph dates back to 2021 and now the telecom giant wants to accelerate the launch of functionality for its Ifland metaverse platform.

SK also plans to create a crypto economy that along with being “gamified ” also uses customizable avatars which in turn use NFTs. SK plans to launch the project and make it functional before the end of the year, a deadline that it has assigned for a token launch on which its subsidiary, SK Square is working on.

Morph, a firm whose expertise lies in creating a 3-D design for the metaverse space, explained that it currently is working to transform Ifland into “a communication tool that is actively used in the corporate business environment,” and also in the internal lives of its regular users.

Meanwhile, last month, Naver, the South Korean search engine giant, invested in various metaverse-themed startups through its metaverse arm Naver Z. Naver is also the creator of the messaging giant LINE, which has earned great success in Japan. LINE along with various crypto-related initiatives has launched a cryptocurrency exchange in Japan. While its token is listed on various domestic crypto trading platforms.

Meanwhile, in Japan only, Namco Bandai, the gaming giant is all set to make an investment worth USD 24 Million in Blockchain, Metaverse, and Web3 projects. As per the reports from CoinPost, which is the owner of a number of attractive intellectual property titles, will look to further invest during the course of three years.

Also Read: Is Bandai Namco Dragon Ball Metaverse Coming To Life?

Further, Namco Bandai also wants to make sure that its investments are diverse, and as it seeks to expand its metaverse presence, it wants its investments to range from pre-seed stage equity injections to late-stage funding drives.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing