Last week, I visited Seoul, the heart of South Korea's thriving gaming industry, to expand KGeN’s B2B presence. On my first night in the city, I was warmly welcomed by my friend Yoon-Jeong Yang, and in true South Korean fashion, we spent the evening at a Speakeasy (a first for me!), making it a great start to a very memorable trip. P.S. Watch out for Supervillain Labs; the most awaited is just around the corner! The next few days were spent with close friends of KGeN—extremely impactful teams and personalities in the industry. Besides valuable market insights, which I'll share in a moment, I'm grateful to friends like (Kevin) Choi (and the boss Ishank) for convincing me to try oysters, and to Joonmo Kwon and Cristian Manea for an epic dining experience with yummy Korean Banchan—as a hardcore foodie, I won’t forget this :) South Korea's people are as sharp as they are wholesome and welcoming, making it a front-runner in many industries, especially technology. My time was spent learning about the gaming and Web3 industries, where Korea stands as the 4th largest gaming market globally and leads in adopting frontier innovations. Here are some fascinating insights into Korea's gaming market: • It is the birthplace of Esports. Also one of the earliest countries to recognize gaming as a career choice (Gaming is included in high-school syllabi in many institutions) • Industry drives a portion of Korean exports as well. Gaming content accounted for 8.8% of Korea’s trade surplus and contributes 10x more than the music industry Despite the crypto market being relatively nascent, here are some staggering facts about Korea’s contribution to the market: • Earlier this year, the KRW (Korean Won) surpassed the USD as the most traded currency against crypto-assets • 13% of the country’s population invests in cryptocurrency • There is so much sleeping money waiting to be invested. Over 60% of the traders are 30+ years old, with a savings ratio of 40% • Daily trading volume is $2.6 billion, and the total value held by exchanges is $33 billion, placing it at a global #3 I’m left incredibly optimistic, with my admiration solidified about the country’s people and their ability to resist conformities. I can’t wait to go back again, and hope to meet partners at Korea Blockchain Week in September! I want to end this by saying I’ve never felt more bullish about Asia – here’s to making a strong economic impact, bottom-up this time :) It was an absolute pleasure meeting Joseph Lee, Bryan Bogeun Song, Miyeon Michelle Choi, Leo K., Goeun Choe, Scott Lee, Sinhae Lee, Junyoung Chang, and more friends of KGeN. Thank you for hosting us! w/ Ishank Gupta
Joseph Lee
3w
Was totally a pleasure meeting you here in Seoul🥳🥳
Julia S.
2w
Fascinating statistics. Also, I had no idea gaming is included in syllabi of Korean high schools. Can you name examples of these institutions? Are these private or public high schools? What do these lessons typically consist of and who runs them? I would love to learn more.
Very informative on the South Korea gaming industry & contributions it's making to the Korean economy. Thanks Anoushka for the insight !!
Amazing!
Anoushka Ananth I am sure this is merely the beginning of your multiple trips to Seoul in future and from my personal experience, I can tell you that learning & friendship will increase exponentially with every trip ..