Early cooperation with local partners is the key to successful entry and adaptation to the market.
Translation: DeepTechFlow
Key points summary:
The global mainnets that entered the Korean market early are still very active, especially in the gaming field, and they demonstrate strong competitiveness around entertainment IP.
This year, mainnet projects such as Arbitrum, Monad, Story, and Scroll have rapidly expanded their influence in Korea. Each project has adopted unique strategies, focusing on community building, education, and strategic partnerships to strengthen their ecosystems.
While the Korean market is indeed attractive, it is crucial to have a deep understanding of its language, culture, and regulatory environment. Early cooperation with local partners is the key to successful entry and adaptation to the market.
1. Introduction
Source: Tiger Research
Since 2022, global blockchain mainnets have actively expanded into the Korean market by appointing local representatives and partnering with Korean companies. Notably, multiple blockchain networks, including Avalanche, have made significant progress. Avalanche officially entered the Korean market in 2021 by appointing a business development lead, and Solana, Polygon, Aptos, and Astar have also made important breakthroughs in the Korean market.
However, with the rapid development of the Web3 industry, some of their strategies have also been adjusted. This report aims to explore whether these mainnets are still focusing on the Korean market and to identify if there are emerging mainnets currently. Through this analysis, we hope to reveal how these mainnets are seizing opportunities in the Korean market and formulating their strategies.
2. Current Expansion Status of Mainnets in Korea
[Current trends of mainnets entering the Korean market, Tiger Research]
The table contains 3 columns and 20 rows, sorted in ascending order by the "Current Status" column.
2.1. Shift of Focus to Project Introductions
The global blockchain mainnets that entered the Korean market early are now showing substantial results. These networks are not limited to simple cooperation with Korean companies but are more focused on business development, dedicated to introducing high-quality projects.
Source: Nexpace
For example, Avalanche successfully integrated Nexpace's "MapleStory N" into its subnets, becoming a notable integration case. In addition, Avalanche further strengthened its ecosystem and expanded its influence in Korea by incorporating SK Planet's NFT membership platform "Road to Rich".
Source: Arbitrum
In 2023, Arbitrum appointed a Korea lead and established the Arbitrum Korea community to consolidate its ecosystem foundation. The network collaborated with Delabs to introduce their Web3 game to Arbitrum and integrated Lotte Group's metaverse platform Caliverse, demonstrating its firm commitment to revitalizing the Korean ecosystem.
Source: Marblex
Immutable is strengthening its collaboration with Web3 game company Marblex, Aptos is introducing Supervillain labs, and Polygon has successfully completed an NFT-based environmental project in collaboration with Starbucks Korea. These cases indicate that blockchain mainnets are not only establishing partnerships but also achieving substantial real-world applications in the Korean market.
2.2. Waiting for Opportunities or Falling Behind in Competition?
While some mainnets are gradually introducing projects in their respective fields, others appear to be more passive. For example, since the establishment of Near Korea Center, Near Protocol has not made significant progress other than establishing partnerships and hosting events. Similarly, most other mainnets are mostly engaged in surface-level cooperation, lacking deep interaction. Additionally, networks like Oasys have seen a decline in vitality in the Korean market, partly due to the departure of key business development personnel.
3. Global Blockchain Mainnets Entering the Korean Market in 2024
Source: Tiger Research
In 2024, global mainnets continue to demonstrate their influence in the Korean market, each with its own unique approach. These efforts include building strong communities, conducting training activities, organizing various events, and enhancing visibility while seeking ecosystem partners to consolidate their market position. In this chapter, we will explore those mainnets that have recently begun expanding their ecosystems in Korea and delve into their ongoing activities.
3.1. After all, Web3 Begins with Community
The community is at the core of any Web3 project, and this is no exception for mainnets entering the Korean market.
Source: Arbitrum Korea X
For example, Arbitrum has established a local community called Arbitrum Korea to promote its expansion in Korea. Arbitrum Korea actively collaborates with ambassadors and local partners to enhance its local influence. These ambassadors play a crucial role by translating updates of Arbitrum's ecosystem into Korean and disseminating them through major channels. They also organize events, such as dialogues on Twitter Spaces with well-known figures in Korea, to increase visibility and engagement in the Korean market.
Source: Monad Telegram
Additionally, Arbitrum has specifically set up a Telegram channel for Korea to release ecosystem news and interact with community members. This channel has not only attracted blockchain developers but also investors who are interested in staying updated with the mainnet's developments. These initiatives aim to overcome language differences, cultural disparities, and the barriers posed by different search engine platforms in various countries, thereby promoting greater participation in the ecosystem.
3.2. Expanding Ecosystem through Education and Events
The Web3 industry encompasses various types of blockchain technologies with differing structures. While the degree of differences varies, the operational modes often differ significantly due to the architecture of the infrastructure or the programming languages used. This fragmentation of the developer ecosystem poses challenges to the development of the entire ecosystem and the process of onboarding companies and projects.
Source: Near Korea Hub
Global mainnets increasingly recognize the important role of education in building a strong blockchain ecosystem. In this context, Near Protocol has established strategic partnerships with 12 blockchain communities in Korea to drive educational projects and hackathons. Similarly, Arbitrum Korea has collaborated with blockchain communities at Korea University and Yonsei University to organize workshops aimed at enhancing students' understanding of Arbitrum technology. These efforts reflect the strategic importance of the Korean market, surpassing its potential as a retail investment market. The emphasis on nurturing and attracting high-quality talent highlights Korea's core position in the broader blockchain ecosystem. Through investment in educational and community-building activities, these mainnets are effectively laying the foundation for the growth and innovation of the ecosystem.
3.3. Ecosystem Partnerships
Global mainnets are not only focused on training their own developers but are strategically expanding their ecosystems through partnerships with local companies. For example, Monad has partnered with Neowiz's Intellar X to enhance its influence in the Pacific market, including Korea. Similarly, Arbitrum has collaborated with the local Korean Web3 game company Delabs to facilitate the introduction of gaming projects, further strengthening its ecosystem. These partnerships demonstrate a targeted approach to market expansion through leveraging local expertise and industry-specific collaborations.
Source: DappRadar
Therefore, mainnets are expanding the market by leveraging strong local partners. Especially in the Korean market, they are focused on establishing partnerships with promising game companies. Additionally, they are expanding the ecosystem through collaborations with local infrastructure providers such as wallets and validators. These collaborations help overcome cultural and social barriers, enabling mainnets to enter the market more quickly and effectively.
4. Conclusion
As of 2024, the growth of the Web3 industry in Korea has slowed down due to the implementation of the Virtual Asset User Protection Act and the stagnation of regulatory oversight for Security Token Offerings (STOs). Despite these regulatory challenges, Korea remains an attractive market due to its significant liquidity and high-quality developer community. Major mainnets continue to maintain a stable market presence and actively explore various strategies to enter the Korean market.
4.1. Steps to Successful Market Entry
Global mainnets typically increase their visibility by appointing Korean representatives and conducting educational projects and events. Subsequently, they create actual success cases based on the accumulation of market influence through strategic partnerships with major local partners. Another key feature is their focus on content-oriented projects and collaborations. This seems to be a characteristic of the Korean market, as it is highly developed in the fields of gaming, comics, novels, and idol intellectual properties.
4.2. Key Points for Successful Penetration of the Korean Market
To effectively expand business in Korea, most global mainnets typically hire local representatives. However, challenges may arise when these representatives are responsible for a broader Asian market or are not sufficiently familiar with the Korean language and culture. Korea's rapid economic development and unique market characteristics require representatives to have a deep understanding of the local culture and fluency in the Korean language.
Additionally, it is important to address the constantly changing cryptocurrency regulations and their related political and social dynamics. To successfully enter and establish a foothold in the market, it is advisable to collaborate early on with local partners who are familiar with Korean culture, industry characteristics, and regulatory frameworks.
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