The South Korean atmosphere for crypto activities had been welcoming for the last couple of years. More recently, there are also a number of restrictive measures taken by the government to bring the industry under the legal ambit. Though there is some form of official control on one side pushing for proper authentication of firms, crypto activity in the country has simultaneously been booming. The newly elected President Yoon Suk-yeol’s regime is showing increasing crypto-friendliness with the government having set aside millions for the development of cryptocurrency-related ventures in the nation.
The Seoul-based Web 3-centered simulator cum online community Zepeto is a fan-favorite around the world. Everyone from supergroup BTS’s lead vocalist Jung Kook to other K-Pop stars has been using the app to create funky 3-dimensional characters of themselves. From unique outfits to idol group dances, Zepeto has been super popular with the Generation Z population of the country. The app is now gearing up for its grand entry into the Web 3 world. Zepeto’s assimilation into the crypto bandwagon is another step taken by the nation in the crypto-positive direction. The app is one of the most lucrative Web 3 applications of the continent with millions of downloads and billions of KRW being spent on in-app upgrades since its inception.
The country is no stranger to the world of crypto. It was one of the first to invite crypto ventures with their vision to rise as a fintech-savvy Asian hub and a forerunner of Web 3 projects. This they believed would be beneficial to increase the youth employment statistics of the nation. They are hoping Zepeto’s journey into crypto would help them tap into its existing consumer base and push non-crypto users to fully make the jump. Come what may, the crypto activities in the South Korean ecosystem show no signs of stopping.