A number of South Korean corporations have announced the decision to terminate the Web3 divisions led by Hyundi and Netrmarble. The corporations are joined by KT Corporation, a leading telecommunications giant whose total assets exceeds $32 billion.
KT Corporation indicated that it would terminate the non-fungible token identified as MINCL by March 4. The telecommunication corporation announced that the shifting business conditions informed the reason for closing the platform that runs under the digital oriented subsidiary – KT Enterprise.
The announcement informs the KT Wiz Rookie Pack NFTs holders to execute their transfer to other e-wallets eternally of MINCL. The NFTs comprise the digital card collectibles derived from commemorating its professional baseball team. The announcement warns users that the expiry of the March 4 deadline would make the NFTs inaccessible. Also, users will not download the NFTs post the deadline.
MINCL serves as the platform where the KT NFTs are minted and traded since launching the product in April 2022. Besides, the MINCL offers wallet services targeting retail and institutional clients.
South Korea Organizations Exiting the Web3 Hype
The previous month saw a leading game developer in South Korea Netmarble F&C reportedly lay off the entire workforce within the metaverse division. The decision led to 70 employees jobless as Netmarble F&C announced the subsidiary’s liquidation.
The decision by Netmarble F&C portrayed a retraction of its chair Bang Jun-hyuk who in 2022 hailed metaverse as harboring future business opportunities. Unfortunately, the metaverse segment never lived to deliver the projected potential.
Rival game maker Com2uS announced a move to restructure the staff within the metaverse division. The September decision emerged in a disclosure that Com2Verse realized a $9.7 million operating loss in the third-quarter of 2023.
Hyundai Shutting Down Digital Wallet and NFT
Hyundai Department Store, which runs the retail conglomerate within the Hyundai Group, alerted users of the decision to shut down the digital wallet service. Hyundai issued an end of March deadline that it will terminate the H.NFT.
Metverse technology specialist within the Seoul School of Integrated Sciences & Technologies Park Hye-jin explains the moves by the executives as prompted by desire not to sustain businesses unable to produce significant earnings within the short term.
Hye-jin indicates that the existence of leading Korean companies is a norm whenever the large corporations challenge and initiate new businesses in the fear of missing out.
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