KT Alpha to establish metaverse-based digital transaction platform

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SEOUL -- KT Alpha, a commerce wing of South Korea's major telecom company KT, will establish a metaverse-based digital asset trading platform to gain a competitive advantage in the future business sector. The company will cooperate with a real estate investment trust company and a cryptocurrency exchange.

The metaverse is a virtual world that can be accessed using smartphones, PCs, or virtual reality headsets. Each user is represented by a personalized digital character called "avatar." According to global market research firm Emergen Research, the global metaverse market will grow from $47.7 billion in 2020 to $828.95 billion in 2028.

KT Alpha said in a statement on January 14 that the company signed an agreement with Korea Real Estate Investment & Trust (KOREIT) and the South Korean office of Huobi to set up a transaction system for virtual assets such as virtual real estate. "KT Alpha will be in charge of establishing a metaverse-based real estate space," Yim Hyun-jung told Aju Business Daily.

KOREIT will draw a blueprint for a virtual real estate environment while Huobi Korea will be in charge of virtual assets and non-fungible token (NFT)-based transactions. The development project for the metaverse platform will begin in the first of 2022.

A non-fungible token (NFT) is a unit of data stored on a blockchain network of interlinked virtual ledgers. Each NFT is certified by a blockchain as a unique digital asset that is not interchangeable. This technology can be used in the content industry where proof of ownership is crucial.

Kim Joo-heon jhkim123@ajunews.com

KT Alpha to establish metaverse-based digital transaction platform

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