Yesterday (the 13th), South Korean telecom giant SK Telecom (SKT) emphasised at the UDC (Upbit D Conference) 2023 that Web3 is an important direction for the company's development.

Currently, they are actively constructing Web3 infrastructure and planning to transition their existing 30 million users from Web2 to Web3.

Transitioning from Web2 to Web3

According to reports from South Korean media, Oh Sae-hyun, the Vice President of SK Telecom, emphasised that SKT is seeking markets with high added value.

"SKT is actively constructing the infrastructure for Web3, preparing for the era of Web3."

He predicts that roughly 70% of new value over the next 10 years will be based on digital platform businesses. He also foresees that, following the existing traditional banks and large tech banks, finance built on public chains will become the next trend.

SKY's Ambition in Web3

Collaboration with CryptoQuant for 'T Wallet'

In a recent significant collaboration, SKT announced on October 16th a joint development with the blockchain data analytics platform, CryptoQuant, for the 'T Wallet' web3 wallet service.

SKT is dedicated to enhancing the convenience of the T Wallet by optimising the user experience (UX).

Vice President Wu explained that an ideal Web3 wallet should support various assets and connect to decentralised applications (DApps), while ensuring security and comfort.

SKT in NFT and Ecosystems

On August 3, last year, SKT officially launched the NFT trading platform, TopPort. Through this platform, users can buy and sell NFTs as well as items from the metaverse.

Additionally, in a bid to attract regular consumers from the real world, NFT artworks from TopPort will be displayed offline at South Korea's Gangnam Station and on the media walls of Samseong-Dong COEX.

On August 17th of this year, SK Telecom announced its collaboration with Polygon Labs to construct a Web3 ecosystem.

They signed a strategic collaboration agreement to cooperate on the development of a Web3 ecosystem.

SKT’s NFT marketplace ‘TopPort’ and Web3 wallet will be connected to Polygon’s blockchain network to provide greater compatibility and scalability.