"Platform Goes, Digital Wallet Comes"... The Future of Blockchain Shared by Hive America CEO

"The Right Time to Integrate Fandom Business into the Blockchain Ecosystem"

[Asia Economy Reporter Ji Yeon-jin] Worldwide Wallet (World Wide Wallet)

Lee Jae-sang, CEO of HYBE America, predicted the core future that blockchain will change. Currently, the Web 2.0-based system allows users to consume content for free through platforms, and platforms earn advertising revenue based on users. However, it is expected to change into a structure where content is consumed through a digital wallet created with blockchain technology called a 'wallet,' and content creators directly receive advertising revenue.

On the 23rd, at the Upbit Developer Conference (UDC) keynote speech held at Busan Port International Exhibition & Convention Center (BPEX), CEO Lee said, "Currently, there are 300 million wallets, while there are 5.2 billion internet users. Simply put, only 3% of the total internet population is using wallets," and added, "Imagine what would happen if we raise the 3% market to 30%." He emphasized, "Now is the right time to integrate blockchain ecosystems into fandom business."

CEO Lee is the head of HYBE's US branch, the agency of BTS (Bangtan Sonyeondan), and HYBE established Levels, a joint venture with Dunamu, which operates Upbit, to enter the non-fungible token (NFT) market.

He pointed out, "Internet users' data (personal information) has great economic value, but while users are the owners of the data, ownership lies with the platform." However, currently, there is no space on the internet where users can directly profit from their personal information. By integrating blockchain, users can directly manage their information, and by adding payment functions, a new system that can replace current platforms can be created.

CEO Lee said, "This ownership economy protocol is wallet-based," and added, "Currently, wallets are places to store NFTs or virtual assets, but if data is stored in one protocol and choices are shared, a global passport called a wallet will be created."

He emphasized, "Experience in fandom business is important to win this battle, and intuitive service is key," and added, "This will be driven by the World Wide Wallet economy. Although there are many mainnets, they must create wallets without royalties to build scalability."