FSN-CyworldW Signs MOU for 'Metaverse Advertising Business'

[Asia Economy Reporter Jang Hyowon] Future Stream Networks (hereinafter FSN), a comprehensive digital marketing specialist company, is teaming up with CyworldW to target the Metaverse and NFT markets.

FSN and Cyworld Metaverse Business MOU Signing Ceremony. From the left, FSN CEO Seo Jeonggyo, FSN CEO Lee Sangseok, CyworldW CEO Cha Kyungsang, CyworldZ CEO Kim Hogwang.

On the 19th, FSN announced that it signed a strategic business agreement (MOU) with CyworldW for purposes including ▲development and establishment of an advertising platform to be applied to CyworldW's metaverse service CyClub ▲collaborative advertising marketing to expand traffic ▲joint promotion of blockchain projects including an NFT (Non-Fungible Token) marketplace.

The metaverse is a compound word combining Meta (transcendence) and Universe, referring to a virtual convergence space created using IT technology that enables leisure activities and economic transactions. The global accounting consulting firm PwC has projected the metaverse market to grow to approximately 1,700 trillion KRW by 2030, highlighting it as a newly emerging industry worldwide. CyworldW, which launched the Cyworld service revival project this year, also attracted market attention by announcing plans to target the MZ generation through various new technologies such as AR (Augmented Reality), VR (Virtual Reality), and blockchain within the metaverse space.

FSN plans to strengthen the metaverse and NFT business areas in cooperation with CyworldW based on its own ▲ad tech ▲digital marketing expertise ▲blockchain technological capabilities.

Last year, FSN launched 'SNAP,' an image copyright protection app utilizing technology applied to NFTs, through its blockchain technology platform subsidiary Six Network, and this year it began full-scale NFT-related business. Additionally, FSN holds a majority shareholder position in Makeus, which operates the digital media brand DINGO, and plans to expand synergy in various aspects such as applying abundant digital content to CyworldW's metaverse platform.

FSN CEO Lee Sangseok stated, “The metaverse industry, which is emerging as a new growth sector, is becoming more versatile and its potential applications are expanding,” adding, “Through this cooperation with CyworldW, FSN will lead the advertising market within the metaverse based on its diverse know-how and technological capabilities.”