5 Reasons Why Seoul is the Next Web 3.0 Powerhouse
Seoul is a city bursting with vibrant culture, delectable cuisine, technological marvels, and a unique hustle. The city boasts cutting-edge infrastructure and convenient services for any purpose. I’ve met people who planned a short visit to Seoul but ended up extending their stay until their visas expired. Others have visited Seoul over 20 times before finally deciding to set up long-term residency because they couldn’t forget the city even after leaving. Seoul has a way of grasping the souls of anyone who comes by, and people in the Web 3.0 movement seem to have a different reason to have their hearts taken by the city: the potential to become the next Web 3.0 powerhouse.
These are the reasons why SojuDAO believes Seoul is ready for a colossal Web 3.0 movement:
1. South Koreans love cryptocurrency and NFTs.
Following the 2017 Bitcoin boom, the South Korean crypto market has developed rapidly. It is now home to 29 active exchanges and is expected to reach a value of 1 trillion USD by 2026. Nearly 30% of the global crypto trading volume comes from Korea. Despite the wretched Terra-Luna incident, South Koreans are still very accepting and adaptive to blockchain technology. Blockchain has garnered street cred among the young generation. You can easily see NFT tickets for sale or even NFT character badges given as raffle rewards for purchased goods at Seven-Eleven, Starbucks, and other major stores.
2. Seoul is tech-savvy and start-up friendly.
When you arrive at Incheon airport, you may meet friendly robots on the way out. Literally, South Korea’s Incheon Airport uses the aid of robots to assist passengers with their bags and provide guidance. This computer-friendly nature is reflected well in the Korean government’s extensive support systems ready for start-ups and entrepreneurs as well, which helped Seoul give birth to 19 unicorns in 2021. As decentralized models are growing more relevant (especially for early-stage projects) and proving to support the start-up ecosystem, Korea is the perfect place to explore the possibilities of building in web3.
3. Seoul is home to the biggest Web 3 enthusiasts
One of Web 3.0 technology’s most anticipated customer bases is the gaming industry, and South Korea is seen around the world as one of the top gaming ecosystems. It is an E-sports capital with the world’s 4th largest market for video games. The percentage of Koreans who are avid video game fans indicates that most Koreans are early adopters and lovers of the virtual world. From young teenagers to parents, ‘PC bangs’ (24-hour computer hubs with the best computers) are always packed with people from every demographic. Metaverse games are already big in South Korea, with platforms like Zepeto gaining popularity domestically and internationally. The metaverse industry in Korea is forecasted to see exponential growth as the Ministry of Science and ICT in South Korea revealed plans to establish a fund exceeding 40 billion Korean won (about $30.2 million) aimed at fostering metaverse advancements.
4. Seoul is the capital of ‘Ppali-Ppali’ culture and Top Talent
South Korea is famous for its ‘Ppali-Ppali’ (‘chop-chop’, or ‘hurry up’) culture. The LG Mobile World Cup, an international texting competition held in 2010 by LG Electronics, was won by the Korean team for its speed and accuracy. And it may be no coincidence that Korean Olympians have excelled at rapid-fire sports like archery and shooting. Seoul is the capital city of this prevalently speedy hustle, and you’ll feel what it’s like with even just a one-night stay. What’s unique to Web 3.0 is that the process of bootstrapping a community and launching a product is uniquely fast with the use of blockchain and smart contracts.
Seoul is also known to be a city of top global technical talent, which also makes it a place primed for fast development in the Web3.0 ecosystem. With the fast-paced culture in Seoul, it’s safe to speculate that citizens would be more accepting and adaptive to the new web3 technologies than those in other geographies.
5. South Koreans are looking for a change.
Cryptocurrencies have become popular investments among South Korea’s young generation, who see them as a path to prosperity in a country with persistently high unemployment. Recent surveys show Koreans’ constant dissatisfaction with workplace culture in their 9–5 offices in Seoul. The Korea Herald reported a study in 2023 that revealed employees of all ages have a low preference for eating lunch with their teammates and want to shift to remote work, responding that a flexible work environment is at the top of their minds. Once different Web 3.0 verticals achieve successful use cases and earn the public’s trust in revolutionizing corporate culture, South Koreans will be highly supportive. They are the people of the nation that once achieved a meteoric rise from one of the world’s poorest countries to one of the world’s richest in a single generation, only relying on manpower with no natural resources available. Their passionate and hardworking nature shows great potential as a synergetic force in Web 3.0 developments.
SojuDAO aims to build a social club that will allow passionate Web 3.0 frens to transition smoothly into a new country and career. SojuDAO believes building a warm community where people can create new, organic relationships will contribute to the future of Web 3.0 in Seoul while opening new opportunities of global business.
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