Web 3.0, decentralized finance, smart contracts to reshape blockchain

Visitors to the Upbit Developer Conference 2022 walk around booths set up at the event venue at the Busan Port International Exhibition & Convention Center, Friday. Courtesy of Dunamu

Dunamu sheds light on future of blockchain at UDC 2022

By Lee Min-hyung

BUSAN ― The Upbit Developer Conference (UDC) 2022 wrapped up its two-day session, Friday, shedding light on the next mainstream blockchain concept, which industry leaders said will be reshaped under key new trends represented by Web 3.0, decentralized finance and smart contracts.

The annual fair was all about the future of blockchain, with leading specialists discussing a detailed agenda on not just the aforementioned big concepts, but other pending issues the industry faces amid the murky regulatory outlook.

After sharing the big themes in a series of keynote addresses delivered by blockchain moguls here and abroad on the first day of the event, the UDC 2022 discussed more interactive and consumer-friendly topics on Friday, such as gaming, the metaverse and panel discussions on non-fungible tokens (NFT) and the travel rule.

HYBE America CEO Jason Lee opened the second day's event with a keynote speech on the firm's latest NFT-related partnership with Dunamu and what is called the "ownership economy." Earlier, the two firms established a joint venture and set up a company named Levvels in the United States. As Korea's most valuable entertainment firm by market capitalization, HYBE has collaborated with the Upbit operator to launch an NFT trading platform in the world's largest economy.

"Levvels will draw a long-term roadmap to lead the digital economy under the partnership with Dunamu and keep taking advantage of NFTs," Lee said in the speech.

HYBE America CEO Jason Lee speaks during his speech on the sidelines of this year's Upbit Developer Conference at the Busan Port International Exhibition & Convention Center, Friday. Courtesy of Dunamu

He also underscored the rise of the "ownership economy." The term is expected to come to the fore amid the future era of Web 3.0, where users are expected to sell their data through decentralized networks. The ownership economy refers to an economic system in which power and economic rewards are distributed between participants as opposed to concentrated at the top.

"Web 2.0 platforms looked to bring positive influences in their early phases, as users consumed content for free, but concerns over digital privacy are being raised now," Lee said. "Users have started asking who is making money when they provide their private information. They also keep raising questions about whether they can generate revenue from it."

"Even if the NFT market is still in its infancy, topics on its usefulness remain hot," he said. "In an ownership economy, the market for NFT-focused digital collectables could become prevalent."

Lee's address was followed by that of Alexandre Dreyfus, founder of Chiliz Socios, the world's leading blockchain provider for the sports industry. His speech was centered on the metaverse and the outlook on its growth potential.

A group of other big names in the blockchain industry also appeared for keynote speeches on the second day of the event. They include Justin Sun, founder and CEO of TRON, Scott Siegel, chief operating officer at Helium Foundation, and Sebastien Borget, co-founder and chief operating officer at The Sandbox.

Sebastien Borget, co-founder and chief operating officer at The Sandbox, delivers a speech on the metaverse and gaming during the Upbit Developer Conference 2022 at the Busan Port International Exhibition & Convention Center, Friday. Courtesy of Dunamu

Sebastien Borget has in particular drawn keen attention from the audience by delivering his views on the future of games converged with the metaverse.

"We can access more social, immersive and interactive experiences via metaverse platforms," he said. The company is partnering with more than 400 companies and applying a variety of industrial areas ―such as games, entertainment and lifestyle ― in its metaverse platforms.

Some fashion industry officials were also invited for a panel discussion on NFTs. They brought up the question of how NFTs could affect the conventional fashion industry and create a new paradigm.

Officials from global crypto exchanges _ such as FTX and Coinbase _ also held a second panel discussion session under the topic of the travel rule in the crypto industry. The term refers to a process that keeps track of information on any digital asset transfer.

This year's UDC was meaningful in that the event was held in the nation's second-biggest city. The Busan Metropolitan Government is pushing to establish a digital asset exchange in the southern port city. Toward that end, the city government recently signed a partnership with global crypto exchanges including Binance, FTX and Huobi.

Rep. Ahn Cheol-soo from the ruling People Power Party also visited the conference venue on Friday and expressed his views on Busan's plan to attract more foreign capital by launching the digital asset exchange.

"I believe the digital asset exchange should be set up in Busan, and toward that end, infrastructure ensuring investor protection should be thoroughly established," he told reporters, Friday. Ahn is an former doctor and entrepreneur-turned-politician. He was a first-generation antivirus software developer and founded AhnLab in 1995.

He also stressed the need preemptively to transform outdated government platforms into a digital-driven ones.

"The first and foremost thing is to establish a digital platform government," he said. "This will enable each government department to share data freely. Any public data that has little to do with national security should also be open to the public."

The UDC 2022 closed with a final address by EBS art director Han Kyeol, who designed a mega-hit penguin character. He discussed the massive growth potential of NFTs in art.