Why are NFTs so popular in South Korea? There are a number of reasons including participation recognition and utility, but they all are pointing toward a 'quantum leap' in the growth of the local industry.
Co-founder and CEO at Korea-based blockchain ecosystem accelerator DeSpread GM Chung believes practical use-cases for NFTs will become more common in his country. He told Cointelegraph today that “I expect NFTs to expand into a social on-chain profile layer along with transaction history in the future.”
Chung may even be understating the utility market participants see in NFTs. Last month, the Ministry of ICT, Science and Future Planning pledged to support thewith a $187.7 million dollar grant. Content creators are expected to benefit the most from the new grant.