[Asia Economy Reporter Hyungsoo Park] NSN is expanding its market dominance in the Makgeolli Taxi market through the development of a blockchain mobility platform.
On the 16th, NSN announced that it signed a tripartite Memorandum of Understanding (MOU) with HDLABS and KST Mobility.
HDLABS is a blockchain technology specialist company providing solutions such as metaverse and NFT to global corporations and governments. It has successfully launched the M2E (Move to Earn) project 'Stepwatch' and is preparing to release the P2E (Play to Earn) project 3KM.
NSN’s affiliate KST Mobility operates 'Makgeolli Taxi,' the industry’s second-largest franchise taxi service with 12,000 vehicles as of 2020. Major domestic conglomerates such as Hyundai Motor Group (12.38%) and NHN (5.03%) hold shares in the company.
Through the business agreement, NSN will collaborate with HDLABS to introduce WEB3-based blockchain technology into 'MakgeolliM.' WEB3 refers to a decentralized web form. It is regarded as a core metaverse technology, representing a new web operation model where participants share profits based on distributed technology.
NSN will supply peripheral devices such as servers and computers necessary for the project. HDLABS will provide development and consulting services for integrating WEB3-based blockchain technology into MakgeolliM. KST Mobility will be responsible for operating the completed platform. KST Mobility plans to differentiate the MakgeolliM service by introducing token systems such as NFTs.
As NSN embarks on its first blockchain platform development through its affiliate KST Mobility, it also plans to consider expanding into the metaverse business in the future.
An NSN official stated, "We plan to develop MakgeolliM into a blockchain-based integrated mobility ecosystem where users can access not only taxis but also bicycle and kickboard rentals, as well as car-sharing services." He added, "By leveraging HDLABS’ member network of nearly one million, we expect to significantly enhance market dominance by expanding the potential customer base for Makgeolli Taxi."
The official also noted, "Recently, the mobility sector has seen cases of differentiation through the adoption of blockchain technology," adding, "We will build new revenue models through innovation of the MakgeolliM platform."
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