[2021 Financial IT Forum] "Infrastructure and System Enhancements Needed for the 'Virtual Economy 3.0' Era"

Seok-Young Shin, Researcher at Hana Financial Management Research Institute
"The Era of 'Virtual Economy 2.0' Has Officially Begun"

Shin Seok-young, Research Fellow at Hana Financial Management Research Institute, is giving a presentation on the topic "The Core of the Metaverse, NFT and Virtual Economy" at the 12th Asia Economic Financial IT Forum held on the 24th at Lotte Hotel in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kiho Sung] Seokyoung Shin, a researcher at Hana Financial Management Research Institute, emphasized that "to meet all the conditions of the virtual economy, it is necessary to strengthen various infrastructures and complete related institutional arrangements" in relation to 'Virtual Economy 3.0' based on the metaverse.

At the '12th Asia Economy Financial IT Forum' held on the 24th at Lotte Hotel Seoul, hosted by Asia Economy and the Financial Security Forum, Researcher Shin explained, "The development stages of the virtual economy based on the metaverse are largely divided into three according to the level of infrastructure and institutionalization," adding, "Currently, the era of 'Virtual Economy 2.0' is being fully launched with the introduction of virtual currencies and non-fungible tokens (NFTs)."

He pointed out that the introduction of NFTs has promoted the virtualization of digital files as virtual assets, leading to the quantitative expansion of the virtual economy. He further emphasized that NFTs complemented the intrinsic value of virtual currencies and triggered market attributes such as specialization of production, thereby promoting qualitative improvement of the virtual economy. Through this, a 'virtual economy ecosystem' is being established, and virtual economy financial infrastructure companies are emerging, rising as new business models in the financial sector.

Regarding the 'Virtual Economy 3.0' era, Researcher Shin stated, "The main tasks should be classified into four categories depending on the timing (short-term/long-term) and the direction of promotion (collaboration/in-house)," and explained, "Strategic considerations include ▲ cooperation vs. in-house promotion to decide on active advancement or defensive progress, ▲ judgment of the timing of the arrival of Virtual Economy 3.0 in the long term, and ▲ alignment with existing strategies necessary for reviewing the linkage with short- and mid-to-long-term strategies of existing organizations."

Research Fellow Shin Seok-young of Hana Financial Management Research Institute is giving a presentation on the topic "The Core of the Metaverse, NFT and Virtual Economy" at the 12th Asia Economy Financial IT Forum held at Lotte Hotel in Jung-gu, Seoul on the 24th. Photo by Kang Jin-hyung aymsdream@

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