[Asia Economy Reporter Yoo Hyun-seok] Amid the domestic stock market showing weakness due to the impact of COVID-19 variants, FSN's stock price is soaring. Expectations for new businesses such as Play to Earn (P2E) and Non-Fungible Tokens (NFT) appear to be influencing the stock price.
As of 10:10 AM on the 29th, FSN was trading at 8,900 KRW, up 8.54% (700 KRW) compared to the previous trading day.
FSN is expanding its blockchain business ecosystem by promoting a P2E-based social casino game business. It signed a strategic business agreement (MOU) with Commseed, a Japanese listed company that services pachinko and pachislot games?representative leisure industries in Japan?online and on mobile. Starting from the MOU, they will actively cooperate in P2E game linkage and development using blockchain technology, as well as expanding P2E game and NFT business networks centered on North America, Greater China, and Southeast Asia.
Lee Sang-seok, CEO of FSN, said, “We plan to actively expand the NFT business linked with decentralized finance and K-pop content centered on the DEX ‘Definix’ launched in the blockchain new business sector. Additionally, through this MOU, we will officially promote P2E services and continue to expand the ecosystem based on Six Network’s Six and Finix.”
He added, “Since Commseed recently established Commseed Korea and is preparing to launch a global-oriented social casino game, we will actively collaborate and promote various ways to cooperate in expanding domestic and international business networks and blockchain technology sectors.”
Earlier, Hana Financial Investment estimated that FSN would achieve sales of 217.1 billion KRW and operating profit of 11.2 billion KRW this year, representing increases of 32.8% and 161.1%, respectively, compared to last year. Next year, sales are expected to increase by 47.7% to 258.3 billion KRW, and operating profit is expected to rise by 47.7% to 16.6 billion KRW.
It analyzed that FSN, the largest shareholder of MakeUs?which operates Dingo with 12 million YouTube subscribers?will establish its own NFT ecosystem by the end of this year. It explained that FSN is ready for a ten-bagger (a stock that rises tenfold) due to its growth potential through the NFT ecosystem and the value of its holdings exceeding its market capitalization.
Choi Jae-ho, a researcher at Hana Financial Investment, explained, “The value of FSN’s subsidiaries alone exceeds 200 billion KRW,” adding, “They possess content copyright protection technologies using blockchain such as ECHO and SNAP.”
He emphasized, “With the NFT content, NFT issuance and distribution technology, and NFT marketplace (platform) through Wookbi and Dingo content IPs?which are core to the NFT business?FSN must be closely watched now.”
He predicted, “FSN owns NFT content, related technologies, and an NFT marketplace (platform), and is expected to complete the establishment of its own NFT ecosystem by the end of this year.”
Since 2018, to revitalize the NFT market, FSN has been operating the cryptocurrency exchange Six Networks in cooperation with Wookbi, the top content platform in Thailand known as the KakaoPage of Thailand. They have also previously issued SIX (listed on Coinone) and FINIX tokens.
Researcher Choi introduced, “Starting with the girl group ‘t-ara,’ FSN has been actively advancing the ‘K-pop NFT’ business,” adding, “NFTs can be purchased with the SIX tokens they issue themselves.” He emphasized, “These tokens can be swapped for various tokens on the cryptocurrency exchange Definix, meaning the NFT ecosystem is being completed.”
On the 18th, FSN sold the ‘t-ara comeback commemorative NFT.’ The ‘Legendary’ grade NFT, classified as the rarest and sold at the highest price, was completely sold out within a day of its release.
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