South Korea's Cyworld Revives As A Web3 Integration

South Korea’s social network service Cyworld plans to bring back folks’ reminiscing memories from the 2000s.

It is now moving towards Non-Fungible Tokens (NFTs), Metaverse, and cryptocurrencies by rebranding itself as Cyworld Z.

But the competition is tough now, and the path is not free from obstacles. It is to look forward to how the formerly well-liked network would emerge.

Cyworld, South Korea’s social network service, is willing to use blockchain technology to bring back memories from the 2000s.

Cyworld has been a prominent network once, which now plans on bringing back the users’ old comments, posts, and roughly 20 Billion pictures and videos. This would attract the three million old users to rebuild their accounts within two weeks of the relaunch.

When the network’s popularity was at its peak, it had around 33 million users, which equates to 13 out of every 20 users. But as the current popular Facebook, Twitter, etc., emerged, the Korean users followed their trail. Although the network did try to restore its frenzy, unfortunately, it failed.

The network used an electronic currency called Dotori, and each Dotori was worth 100 South Korean won. Dotori was used to buy decorative items for an individual’s avatar or background music.

Web3 or as many call it, “Serenity,” is considered as the evolution of the internet we are using today (Web2). Web3 is where you are the sole owner of your data, and none of the organizations out there have possession over it.

It seems like Cyworld is now very much fascinated by the concept of Web3. Now branded as Cyworld Z, it is moving towards Non-Fungible Tokens (NFTs), Metaverse, and cryptocurrencies.

Dotori Makes a Comeback!

Cyworld is now rolling out its Dotori cryptocurrency, which would prove to be a utility token when the network would launch its Metaverse and an NFT marketplace, where it would be potentially used as a currency.

The firm collaborated with Hancom, a local technology firm, to develop a metaverse named Cyworld Hancom Town that ran as a beta service last December.

At the official rollout of the Metaverse, the cryptocurrency would be used for shopping, meeting celebs virtually, and buying NFTs in the three-dimensional Metaverse that is linked to a mobile Cyworld social media service.

ALSO READ – Montenegro Grants Vitalik Buterin Citizenship: To Fuel Nation’s Emergence As A Blockchain Hub

Rising NFT Utility

The company highlights that Non-Fungible Tokens (NFTs) would play a significant role in Cyworld’s future. It further plans to enable every user to develop their own NFTs. And the ones minting their pictures as NFTs on the platform would be rewarded with in-game Dotori, which can later be swapped into the Dotori crypto.

Every emerging thing gets followed by criticisms, and the same is the case with Cyworld Z, as some argue that Cyworld does not have enough global recognition, which might prove to be a barrier in its journey towards Web3.

It is yet to be specified when the NFT marketplace and the official Metaverse will be launched, but a whitepaper suggests that it might be taken out of the box in Q3 2022.

It is indeed true that Cyworld might bring reminiscing memories for the folks, but then today’s world is full of competition. The current players, such as instagram, have already expressed their idea to integrate NFTs, plus Facebook rebranded itself as Meta last year to focus on Metaverse. There is also speculation that Mark Zuckerberg’s organization would hold the majority of the stake in the Metaverse. And these factors might bring tough competition for the yet-to-be-launched Cyworld’s Metaverse.

It is to look forward to how the people would welcome this new shift towards Web3.

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