“We need to get away from the trade-biased NFT market… the community is the center”
“Currently, the non-fungible token (NFT) market is biased towards transactions and auctions, so there is a lack of public space. It is now time to shift the paradigm towards a community-driven NFT market.”
Lee Jung-han (pictured), CEO of LN Venture Group, met at the Seoul office in Yeoksam-dong, and said, “The value of NFT is to be preserved by the community.”
Introduced community-type NFT platform ‘Meta Mafia’
LN Venture Group, which is developing the Reapchain mainnet, recently introduced the NFT platform ‘Meta Mafia’. Metamafia is a profile picture (PFP) project that focuses on community functions. ▲Music ▲Art ▲Fashion ▲Influencer ▲Association (association) was named after the first letters of a total of five categories ‘MAFIA’.
CEO Lee said, “I compared the NFT community to the mafia’s cartel culture.
Meta Mafia plans to start its service in earnest, starting with public minting (publishing) next month. CEO Lee said, “Our goal is to provide a space where we can actively communicate through NFT.”
Preconceived notions of ‘Kimchi Project,’ “We must win with technology.”
With the recent Terra-Luna incident, there are a lot of negative views on domestic blockchain projects worldwide. When asked if there are any difficulties in promoting the mainnet project in Korea, CEO Lee said, “It is true that people wear sunglasses and look at domestic projects after the Terra incident.” emphasized. However, he added, “After the Lunar incident, the position of Korean projects has narrowed, making it more difficult to succeed with simple marketing alone.” To overcome preconceived notions about domestic blockchain projects, CEO Lee thinks that we need to compete with solid technology.
ReapChain is a hybrid blockchain that adopts a dual structure to complement the strengths and weaknesses of private and public blockchains. He explained, “If you want to use blockchain in the industry, you have no choice but to use a high-speed private chain. He said, “ReapChain solved the problem by recording data in the private chain, collecting it, and sending it to the public chain.
Started ReapChain project for mainnet to use directly.
CEO Lee made a huge profit through initial investments in Bitcoin and Ethereum. In 2014, when the market price of Ethereum was around 500 won, it participated in the pre-sale. He said, “With the advent of Ethereum, smart contracts have been developed, and blockchain development has become much easier. It is said that they recognized the technological potential of Ethereum early.
However, as the coin price gradually rose, the utility of Bitcoin and Ethereum decreased rather than overloading the network, or the fees were excessively high. CEO Lee said, “The coin price has risen, but blockchain development has become rather inconvenient. So they rolled up their arms to solve the limitations of the existing blockchain.
This year, we will focus on activating the mainnet… Q3 Opennet launch.
ReapChain plans to focus on revitalizing the mainnet ecosystem this year. The testnet will be released in the third quarter of this year. CEO Lee said, “We plan to focus on proving the technology of ReapChain mainnet such as speed, stability, and scalability while supporting decentralized apps (dApps) in earnest. The time will come,” he said.
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