CBI Invests in Cyworld... "Opening a World Where Anyone Can Create NFTs"

[Asia Economy Reporter Hyunseok Yoo] CBI announced on the 9th that it has made a strategic investment in CyworldJet, the operator of Cyworld.

CBI participated in CyworldJet's recent Series A investment round of 8 billion KRW. A CBI official stated, "We decided to invest in CyworldJet to fully launch the NFT (Non-Fungible Token) business based on Cyworld content," adding, "Key executives from CyworldJet will directly participate in CBI's management to create synergy."

At the extraordinary shareholders' meeting scheduled for January 17 next year, three individuals from CyworldJet?COO Kim Taehoon, Director Kang Heejun, and Director Kwon Hyukgeon?are expected to be appointed as inside directors of CBI.

CBI plans to support a service that allows members to register 17 billion photos, 150 million videos, 1.1 billion diaries, and 6.8 billion postings as NFTs together with Cyworld.

The official said, "Unlike Instagram, where celebrities earn money, we plan for 32 million members to register their own IP (intellectual property) as NFTs and gain economic benefits on the Cyworld platform," adding, "Our goal is an open business model where anyone can own and trade NFTs."

Meanwhile, on the 8th, CyworldJet applied to register an integrated application of the SNS 'Cyworld' and the metaverse 'Cyworld Hancom Town' on Google and Apple.

The metaverse Cyworld is linked in a way that users can access it by opening the door in their Miniroom. Starting from the personal space called 'Miniroom,' users can move to 'Myroom,' a small group space for about 10 close friends, and then by opening the door again, connect to the 'Square,' a plaza where more than 500 users can simultaneously access.