Welcome to NASDAQ trade talks I'm Jill malentrino Global markets reporter at NASDAQ we're coming to you live from Barcelona at smartcon 2023 by chain link joining me for this segment we have Jonathan Kim director at SK Telecom to discuss web 3 Trends in South Korea itIs great to have you with us Jonathan and recently we've seen many blockchain and crypto conferences being held globally Korea blockchain week token 2049. can you tell us about the web 3 market trends in Korea and what operators are doing when looking at Global landscape there's a noticeable Trend in Korea that muchDifferent from Global scene while startups entry into web 3 has been stagnant because of the difficulty and fundraising issue but a large Enterprise has been more active for example more and more Enterprise started utilizing nfts and tokens to incentivize their consumer behavior for the customer reality so in response to the bucketship majorMain Nets such as polygon Avalanche Dion Aptos has been also focusing their partnership efforts on the large Enterprises of course the large companies are still using nfts as a cultural marketing tool to Target the mg generation and that is the business innovation why did SK Telecom become interested inWeb3 and how are you preparing for it South Korea a leading telephone company with a market share of more than 48 over the past few years our company has made it a top priority in incorporate AI into our core Telecom services but we haven't overlooked blockchain either so in December 2017 skt's WebsterJourney has begun with the establishment of a dedicated blockchain division first we focus on the technical as packed as the infra about two years later we launched a mobile credential service based on the decentralized identifier and toppled the entity Marketplace we launched last summer is another explainMonth of web3 initiative what the top rules of parity is that nft artworks on top work can be displayed in physical world and and our recent effort is T1 lab crypto wallet which is envisioned as a digital assessment center and that Gateway there's a lot of talk about the cryptoWinter right now when do you think things will turn around for web3 uh there's a lot of talk about crypto winter while it is difficult to pre predict the exact timing of the website tunnel tunnel around I believe certain conditions could trigger it the first isThe end of the Fed rate hikes because digital assets are inherently dispensive to the interest rate changing and the second is regulatory Clarity the outcome of the major crypto projects Solutions with SCC will have a significant impact on the web trade market as well as sec's approval of the Bitcoin spark ETF andThe third of the Improvement of obeying net performance and the vitalization of field ecosystem and lastly I think that advances in real Al devices particularly the better script beta Quest and the app provision Pro can amplify the load of digital assets by revitalizing the database ecosystem what brings you to smartcon 2023 andWhat are your thoughts on the progress of blockchain adoption and development in the Enterprise and financial sector last year SKT has already signed the rock load agreement with chain link about the Looting processor has been delayed because of the financial accounting policy issue for the digital asset during this process we realizedThe importance of the establishing financial and accounting guidelines for handling the digital assets from the compliance perspective so especially we know we know that other large Enterprise has the same issue so if the Telecom operator and the financial players which are essentially trust infrastructure can play anImportant role in the market I think the website could become mainstream in Jonathan we appreciate the Insight thank you for joining us on trade talks and thanks for joining us from Barcelona I'm Jill malandrino Global Market reporter at NASDAQ