[Report] Dreaming of Everyday Life Transformed by Blockchain... UDC Crowded Amid 'Crypto Cold Wave'

Direct Visit to Dunamu UDC on 22-23: Over 3,000 Attendees Including Blockchain Developers, University Students, and Office Workers

[Asia Economy Reporter Ji Yeon-jin] "Nowadays, trading digital assets is difficult without a digital wallet. However, with a single app, you can trade digital assets, use memberships, gift certificates, and enjoy discount benefits. You can think of it as a KakaoTalk version of non-fungible tokens (NFTs)."

How will blockchain change everyday life? At the Upbit Developer Conference (UDC) held on the 22nd and 23rd at the Busan Port International Exhibition & Convention Center (BPEX), Cho Shin-hyung, head of the blockchain strategy team at Fingerlabs Global, explained how blockchain technology is transforming daily life.

"Our goal is to develop easy-to-use technology, not complicated blockchain."

While blockchain technology has so far been approached from the perspective of 'investment' for price gains, led by Bitcoin, recently, the technology is being developed with the goal of popularization for convenient everyday use. Fingerlabs, a subsidiary of the KOSDAQ-listed company FNS, supports the use of memberships, admissions, and discount benefits provided by NFT projects through an application called 'Favorite'.

This year marks the 5th UDC, held under the theme 'Imagine Your Blockchain Life,' and most participating companies, like Fingerlabs, focused on technology that users can easily use. Although the market atmosphere is chilly enough to coin the term 'crypto winter' due to the recent sharp decline in virtual asset prices including Bitcoin, blockchain technology with easy and convenient functions can change everyday life.

Kim Hyun-il, CEO of Disabled, said, "Due to COVID-19, exhibitions became difficult, so we started creating and selling artworks as NFTs. Recently, one of our works was exhibited at the Presidential Office." Disabled has supported activities such as exhibiting works by 39 artists with developmental disabilities and collaborating with global brands to apply these artworks to product designs. The NFT of artist Jung Sung-won's 'Happy Place II' created by the company was exhibited at the Presidential Office.

At this UDC, the anticipation for the NFT market was notably high. Lee Seok-woo, CEO of Dunamu, also emphasized, "Since blockchain is centered on transactions, Dunamu's next challenge is non-fungible tokens (NFTs)." He added, "We are about to launch the joint venture LevelS service with HYBE, and we expect to freely enjoy the global stage with our business."

Previously, Dunamu formed the NFT service joint venture LevelS in the U.S. with entertainment company HYBE and is promoting an NFT business utilizing HYBE's artist intellectual property (IP). This involves applying NFTs to limited edition albums, photocards, videos, and original goods and content produced by the agency for idols such as BTS and SEVENTEEN under HYBE. CEO Lee stressed, "There is a much larger market overseas, so if we create NFT products with HYBE, which has a great artist fandom, and do it overseas, we will achieve results."

3,000 attendees including regulars from 5 years of UDC and university students majoring in computer engineering

Dunamu, which operates Upbit, has held Korea's first global blockchain conference annually since 2018. Developers from around the world gather to share knowledge about blockchain technology and network in the virtual market. Over the past four years, more than 617 companies and over 15,100 participants have attended, with more than 113 sessions held. This UDC also sold out within a week of ticket sales, with about 2,000 attendees on the first day and 3,000 expected by the 23rd.

Kim Bo-kyung, a marketer at Chain Partners, a virtual asset price comparison service company, said, "I have been attending UDC for five years. The crypto market has often experienced ups and downs, so there is a strong bond among participants. After this event, I will attend a blockchain event in Singapore next week."

The event attracted a diverse group of attendees, including virtual asset industry developers, university students studying computer science, and office workers. Kim Min-seo, a computer engineering student at Dongguk University, said, "I was originally very interested in game development, but I came alone because NFT and blockchain seem promising."