Mapping Out South Korea's Blockchain Ecosystem

South Korea is known for its fast adoption of new technologies and interest in the Web3 industry. South Korea’s Web3 industry has shown rapid growth throughout the past years, especially in entertainment, Web3 infrastructure, and real-world blockchain utility.

Based on The Block’s research, South Korea’s Web3 ecosystem mostly comprises gaming businesses, which is reflected in 45.25% of the total entities found within the ecosystem. This could mostly be due to the government's support towards digital entertainment, which includes Web3 gaming. Moreover, South Korea has a strong gaming industry, obtaining 7.6% of the global market share as of 2021, ranked 4th following the United States, China, and Japan. The prevalence of a strong gaming community may have led Web3 entrepreneurs to focus on the gaming sector instead of other sectors that lack comparisons or references to persuade investors.