How the Hallyu Wave Is Going Web3 l KBW2024

[Music] um welcome everyone it's really um honored to be your moderator here today so we're going to talk about um really fascinating um subject about the future of the hu wave in web 3 so let me briefly introduce our panelist so Joseph from Mod house and songman from high and binary and Paul from expla So today we're going to um talk about the future of hu in web 3 so the influence hu is undeniable and with web 3 technology emerging this cter wave is evolving really rapidly so let's dive right into it so the first question is about the cultural evolution in web 3 so web 3 brings desent ized ownership and digital scarcities and new forms of fan engagement so how do you think these factors will change the Dynamics of K-pop kdrama and other aspect of Hol wve so or are there any challenges that you face when integrating Webster so maybe um Joseph would you start hello my name is Joseph uh co-founder of M house uh I think K-pop and K KD drama fans uh support their artists and IP by by purchasing merchandises albums and tickets and I I believe blockchain technology can um can let them know where the product was produced and where the uh tickets are traded to whom and I think um with the with the uh with the technology uh there will be a lot of opportunities that uh digital Collectibles and tradeable uh collections can be uh expanded to phandom economies so yeah so um do you have any idea about on it uh Paul could you share any thought about on it yeah hello uh my name is Paul Kim um the uh coo for expla uh which is a later one um let focus on gaming and um entertainment content um I think web 3 can significantly Drive uh big changes to how artists and fans can uh interact with each other um but the high the the Korean uh music drama uh uh uh you know uh movie producers are still they still operate very largely in the web to framework and um I really think that as as they adopt web through technology we'll be able to um I guess uh you know through decentralization um I guess digital scarcity uh will be able to significantly shape reshape how um I guess different creators and artists interact with the fan bases yeah yeah so s would have also any share about your thought on it yeah hi my name is Hing Kim and I'm the CEO of high binary High binary is simply hyb web3 arm and we are responsible for all kind of hybd web3 related functions so yeah in order to uh discuss about what web three can make a value I would like to introduce some what bad reputation especially in Korea for about blockchain blockchain so um I think blockchain has already create some bad reputation for itself because of scam coins and many kinds of B the news unfortunately so in my opinion there are some kind of barriers already made for regular phandom especially in Korea entertainment industry so we have we have to break that kind of barrier first so actually uh some fans don't like blockchain and some don't even show interest in it and actually uh blockchain itself is blockchain or web3 itself is a a technical term and they don't want to know it and and so I think first thing us just to understanding about the blockchain technology itself is no Mak sense for us so we will focus only on giving user a better experiences first regardless of it's Web Two or web three so we are we are without requiring them to understand the new technologies so we only focus on the usual experiences how we can deliver the better experiences with new technologies so uh in order to break the barriers we have to at meaningful traffic first and then we will add web three related function step by step so that anyone can easily enjoy our web3 oriented New functions yeah so it can make EAS can can easily enjoy about that so yeah our yeah so simply yeah we need to break the kind of barrier already made for the regular Phantom especially in Korea Korea entertainment industry yeah so all of you three mentioned about fandom and so so in K-pop communication with fan and fan engagement plays a crucial role in success right so I think that that's why like communication platform like hives Weavers or SMS bubble has become really popular in Korea so with blockchain and talized um Economist how do you see The Fan Experience evolving are there any examples where blockchain has already enhanced in fan interaction so as far as I know especially mod house um already uses tokens to encourage fan um participations right so Joseph could you start by answering this yes uh Modas functions both as an entertainment agency and a platform operator and developer and with within our um um platform you can decide um operation decision makings related to uh groups operation so Kpop they used Kpop used uh voting as a uh tool for fan participation but as you may know there were a lot of uh voting uh manipulation scandal in audition programs so uh that's why we uh adopted blockchain technology for uh using fan uh fans fot so you can decide uh unit members and you can decide which song would be the title song of the next album within our platform and uh for the first uh unit uh foots we had about 10K uh 10,000 foots for the uh first uh foots about two years ago and now we have recent votes has 1 million votes for choosing the unit members who will be participating album production in Japan so I think that shows uh the fan engagement and expansion of the platform within the blockchain technology so Paul do you have anything to add um well I mean there are various methods um of utilizing web 3 to I guess further deepen the fan engagement um and as mentioned um you know you could use it with voting there's another way of to actually fund some of the entertainment projects through web 3 I mean that's one of the easiest ways um but some something that we did I think last year um you know the drama reborn rich I forget the Korean name of it reborn Rich the one with the sunji and the Sam I think it's based on the Samsung yeah um that's a a drama that one of the um uh companies that comos uh has stake in uh produced um and one of the things that we did was um we sold um like props from the uh drama as part of like an nft collection um and that you know that uh was very warmly received by the fans that way they're able to own a part of the drama um and so there are different methods of doing that um but as NFD standards um evolve and and advance I think we'll be able to um I guess bring a more more diverse uh utility uh be behind the nfds to enable I guess further fin engagement so someone do you have anything to add on it um yeah actually binary High binary will announce our new approach uh for fan engagement using Ai and blockchain and through blockchain we are now able to offer programmable asset as a reward allowing us to easily provide reward in a more flexible environment so I think if we can deliver the reward then user then yet most effectively we can enhance the new form of fan engagement and their interactions so I believe there are many kind of uh attempt to change our environment using web 3 and I think most M house is just one of the great example that change this yeah this new world so yes so I think M house can be one of the example I think so hopefully I high finary we also try to change this kind of new world adopting web 3 for uh web for M adoption so yeah I think if we are trying to um try to uh do mes for the mass adoption I think the uh um better better reputation already made for regular phandom will be also go of gone also and also many people are also change their mind to get accept or adopt new technology so I think there are so many kind of examples but I think Modas is very good example yeah thank you for your sharings so I want to move on to digital identity in the metaverse so how do you envision how you embracing the metaverse so are there any Trends or projects already showing how Korean popcorn establishing itself in visual word so Paul could you please start by sharing your thoughts um I don't think there are a lot of like Halu you know creators uh uh that's focusing on web 3 at the moment but and as for metaverse it's something that's quite dead at the moment not a lot of uh projects out there working on it um and this is not quite related to Halu but something that we're doing is we'll be launching a a gamified um social 5D app which is based you some can look at it and think that it's a metaverse but essentially what it does is it lowers the entry barriers to web3 experiences um by through gamification so in instead of having to exchange um wallet addresses if you're trying to send a token to someone else we make it very easy uh within the games it's like trading a gaming a game item within a g game so um for example if you're buying a token you can buy through a vending Mission within this uh social F so uh we're trying to lower the barrier to entry uh through this social 5D app um and I think that is going to be crucial for um and with this digital identity I think that's going to be crucial for I know it's a it's it's a little off topic but um crucial to uh bringing fans from untapped markets um across the globe um where untapped markets you know usually the education beond web3 is not as strong so have making it easier for the fans across the globe to engage uh uh with uh web 3 through this way I think um it's going to bring uh is going to allow Haru to you know expand uh a little bit more Glo across the globe so yeah as Paul mentioned about the reaching to the untapped market so I want to talk about a little bit more about it because one of the undeniable strength of blockchain is that it has no borders at all so how do you see web 3 amplifying the hes reach particularly in untapped markets what challenges might stand in the way of this expansions um in our platform uh 80% of our revenue is generated from outside of Korea and 90% of our users is is their first time ever purchasing nft experience and I think there are some common area that uh K-pop and web3 users can meet together I think that's mostly in a big Market but for uh for them to adopt in web three uh I think the mass adoption is the uh the key things that we have to pursue to um if we are going to ask Kpop fandom to use uh metamask and buy nfts with medic I think it's going to be a a great hudle for them to uh being in web three uh world so uh what we focus mostly was to design this platform the service as a web to service um to let them uh log in with email and we pay all the gas fees and they can buy it with the uh with the credit cards so uh I I I know a lot of uh web3 startups are trying to solve this problem and I think it will be uh more convenient for users if if those uh stups can provide uh Advanced Technologies okay so what do you think about it s um compared to the other industry um entertainment industry is um very um stricted uh targeting user is General users or especially for fans yeah fan as I already mentioned fan are not are not aware about a blockchain and also they don't have interest in it so um regardless of which web 3 or web two we are only focusing on better usual experiences without requiring them to understand For foring What is Block Chain what is web three uh it's meaningless for for just fans because we only focus on how we can provide better experiences for that and that's why hi say Web Two first and web right and the great challenges uh great progress in this area is one of the great challenges uh change is this area is that we can combine now ai and blockchain together and and I think um Synergy between Ai and blockchain can make a great progress in these areas so it will be great progress in this area so uh by making U using both of them uh I think we can surely provide better user experiences to you for fans so like with the help of web 3 it is clear that like how you could expand more but how U web three itself is not the core Focus for it right okay so uh we're running out of time so I want to close the um our session for now so so I want to um I want Paul to share in one or maybe two sentence to sum up the potential of hue in web 3 for next uh 3 to five years could you sum it up um sorry can you come back to me on that okay so uh could you sum up the potential of hu in web 3 for next three to five years in one or two sentence um I think the role of howu could um revolutionize how or accelerate how um I guess developers uh utilize Korean content um to further uh utilities for let's say nfts or how we use web3 technology um um because there's so much demand for Korean content um I think that will uh accelerate how we how fast we get there okay that was more than one or two sentences but thank you for your sharings so um we're really thank you for our amazing panelist for their insight and to our audience for joining us so we're really excited to see where hary will go in this new web three era so please um we look forward to your continued interest and support So up until now I was I have been your moderator H from blong media so thank you and please give him give them big app ploud thank you thank you for [Music] today okay thank you for that panel appreciate you