How SBINFT Plans to Revolutionize Digital Marketing With NFTs

SBINFT: Pioneering NFT Integration in Japan's Gaming and Manga Giants

In the latest installment of our "Behind the Startup" series, we sit down with Jangdeok Ko, the visionary behind SBINFT, Japan's pioneering public chain NFT marketplace. From his early days as a financial engineer to diving into the world of blockchain and NFTs, Ko shares his insightful journey, the evolution of SBINFT, and how it's carving a unique space in the digital landscape by leveraging Japan's rich intellectual properties. Ko also delves into the challenges, strategic pivots, and his broader vision for integrating NFTs into digital marketing and beyond, offering a glimpse into the future of blockchain gaming and digital assets.

Ishan Pandey: Hi Jangdeok Ko. Welcome you to our "Behind the Startup" series. Please tell us about your background and your journey building SBINFT?

Jangdeok Ko: After building my career as a financial engineer, I worked as a producer of various internet services at a major Japanese IT manufacturer. Later working as a mobile game producer, I started the blockchain business in 2018.

Initially, I operated a mobile app version of the wallet service, but later focused on NFT. Since around 2019, NFT has gained recognition because of the blockchain games, and at the same time, it quickly established its status by being used in art.

Japan is an IP powerhouse. There are many IPs that are popular around the world, such as in games and manga. I was convinced that as awareness of NFT spreads, Japan's leading IPs will utilize NFTs. In 2021, SBINFT became Japan's first public chain NFT marketplace.

Ishan Pandey: According to you, what sets SBINFT apart from other NFT marketplaces? Further, what is your strategy for expanding the user base for SBINFT marketplace?

Jangdeok Ko: SBINFT released Japan's very first public chain NFT marketplace, SBINFT Market, which has been gaining trust.

A major game developer representing Japan will release a game on the Oasys chain this year, and with high evaluation of SBINFT Market's track record, we have formed a partnership with a major game developer for SBINFT Market to become the first secondary marketplace to distribute NFTs in Japan.

SBINFT also allows credit card payments between users in secondary distribution. This is with the intention to increase the liquidity of multiple-game NFTs scheduled to be listed this year.

In particular, in Japan, the ownership rate of crypto assets is very low compared to major overseas countries. However, there are many high-quality gamers. We will expand our user base by continuing to expand functions to make it easier for such game users to start playing blockchain games.

Ishan Pandey: What challenges did SBINFT face during the transition from a wallet-focused business to becoming an NFT marketplace, and how were they overcome?

Jangdeok Ko: In Japan, a license is required to sell tokens or provide token swap features. When SBINFT started its blockchain business, it was unable to prepare a license due to a low budget.

As a result, we could only provide smart contracts for trading tokens with NFTs, and could not monetize from them. In order to overcome this, the previous CEO who was promoting the wallet business resigned, and I became the CEO, and we shifted to the NFT platform business.

In 2021, we released Japan's first NFT marketplace "nanakusa."

Ishan Pandey: Could you elaborate on the decision to rebrand "nanakusa" to "SBINFT Market" and later focus specifically on blockchain games? What drove these strategic shifts?

Jangdeok Ko: SBINFT launched Japan's first NFT marketplace "nanakusa" in 2021 with 100 official artists. Currently, approximately 200 official artists belong to and are active in the group.

Looking at the Japanese market from then, the NFT market, which focuses on NFT artwork, has not expanded. This is because traders did not correctly recognize the value of NFT artwork. However, once the game-specialized chain “Oasys” is released at the end of 2022, the domestic market suddenly became excited about blockchain games.

At the same time, major domestic game studios began to enter the market one after another. As Japan's first and trusted NFT marketplace, we strongly believe that SBINFT is in a position to take the lead in expanding the excitement of the blockchain game market, and has changed its strategy to focus on blockchain games.

Ishan Pandey: Given the increasing interest in blockchain gaming, how does SBINFT plan to capitalize on this market trend and attract major developers to its platform?

Jangdeok Ko: SBINFT's strengths are in its outstanding name recognition in Japan's Web3 market and the high reliability of the SBI Group brand. With this capability, SBINFT will work with game developers to expand the market, build an ecosystem for blockchain games, and aim to become a portal service for blockchain games with a large user base in the future.

In the ecosystem, we will also contribute to maximizing the liquidity of game NFTs through the SBINFT Market.

We also have more partners and a wider range of payment methods than our competitors. We will take the lead in market expansion and build an overwhelming position by actively working toward numerous partnerships.

Ishan Pandey: With the recent announcement of "SBINFT Mits," how do you envision NFTs transforming digital marketing for companies, and what role does SBINFT aim to play in this evolution?

Jangdeok Ko: For companies, it is difficult to start a business related to new technology or adapt to new tools. Especially when starting an NFT project, specialized knowledge is required, and in many cases, it is necessary to use a wide variety of tools. As a result, there are cases where implementation is slow due to concerns about a decline in business efficiency due to the dispersion of management tools.

On the other hand, in the field of NFT projects conducted by companies, there is a need for a one-stop Web3 service that can generate synergistic effects with their own products and services while maintaining operational efficiency.

SBINFT Mits is a comprehensive NFT management support service that provides one-stop support for everything from NFT issuance to community formation and management. Even if you have no knowledge of Web3, you can easily start an NFT project, so it is the perfect service for companies with the above issues and needs to start an NFT project.

In addition, SBINFT Mits supports measures to develop and acquire KOLs (key opinion leaders) for corporate products. A unique feature is that the company can use NFT to provide rewards to opinion leaders while creating a cycle of creating new opinion leaders and loyal users within the company.

Ishan Pandey: How do you plan to contribute to the education and awareness of the general public about Web3 and NFTs, given their increasing prominence in the digital space?

Jangdeok Ko: SBINFT is expanding the number of participants on the SBINFT Mits platform, where people can access safe NFT projects, making it the perfect place for Web3 beginners to interact with NFTs without fear and also expand their knowledge. We believe that we can contribute to the process of NFTs becoming normal in society.

Since the launch of the beta version in September 2023, SBINFT Mits has gained 41 companies and projects as its launch partners, including major domestic companies. These projects are high-quality NFT projects that even Web3 beginners can participate with confidence.

SBINFT believes that increasing the number of these high-quality NFT projects will ultimately lead to greater public education and awareness.

SBINFT also believes that there are two reasons why many companies and projects have become launch partners of SBINFT Mits.

First, SBINFT Mits provides a wide variety of easy-to-use functions necessary for NFT project management even for Web3 beginners. Second, companies that have adopted it can start using it stress-free while maintaining operational efficiency, and can focus their resources on improving customer loyalty through direct communication with NFT holders.

Based on these reasons, SBINFT will continue to add functions to SBINFT Mits and continuously improve the UI/UX to maintain a high-quality platform in order to become a place where more NFT projects gather. We hope to contribute to society so that anyone can interact with NFTs and learn without worries.

Ishan Pandey: Looking ahead, what are the key milestones or goals that SBINFT aims to achieve in the next few years, and how do you plan to navigate potential challenges in achieving them?

Jangdeok Ko: SBINFT provides a full range of functions and platforms for companies and project teams to utilize and distribute NFTs. We will expand this not only within Japan but also globally. SBINFT is ready for overseas expansion. To achieve these goals, the Web3 market must continue to expand globally.

For humanity to gain new and innovative experiences, it is necessary to create an ecosystem that can achieve deregulation in each country, utilization of companies, and returns to users.

Ishan Pandey: With the regulatory landscape for NFTs evolving globally, how does SBINFT proactively address compliance, and what steps are being taken to ensure that the platform adheres to regulatory frameworks, especially in light of the unique challenges posed by the NFT market?

Jangdeok Ko: Since 2020, piracy and fraudulent projects have been on the loose. Many services have been created that allow anyone to freely issue NFTs regardless of the rights of IP holders, creating a market with pirated copies and scam projects.

Although the distribution of pirated NFTs has decreased recently, they have not yet been completely eliminated. Technically speaking, we have not yet found a way to stop it. This situation is not favorable from the perspective of major IP holders.

SBINFT, Since its release in 2021, we opened as an authorized marketplace in order to strongly face the issues surrounding the distribution of pirated NFTs. Thanks to this, major domestic IP holders and game studios have complimented us, saying, “SBINFT allows you to list NFTs with confidence.''

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