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Naver's Entry into the Web3 Market: Launching Naver Pay Wallet

South Korean internet giant Naver is making a significant move into the web3 market by launching its first digital asset wallet, Naver Pay Wallet. This strategic move marks Naver's commitment to integrating blockchain and web3 technologies into its existing products and services.

Naver Pay Wallet: A Non-Custodial Wallet

Naver Pay Wallet is designed to be a non-custodial wallet, meaning users maintain complete control over their private keys and digital assets. This approach prioritizes user security and autonomy in managing their crypto holdings.

• Naver Pay is already a widely used mobile payment service in South Korea, with over 97,000 merchants accepting its payments.
• The Naver Pay Wallet will leverage Chiliz's blockchain technology, initially focusing on utility and loyalty programs for merchants using Naver Pay.

Partnerships and Strategic Collaborations

Naver has partnered with Chiliz, a blockchain provider specializing in sports and entertainment, to power its new digital asset wallet. This collaboration will see Chiliz's blockchain technology integrated into Naver Pay Wallet, providing a foundation for future web3 applications and services.

• Alexandre Dreyfus, founder and CEO of Chiliz, highlights the Naver Pay Wallet's focus on utility and loyalty blockchain technology, aiming to enhance the user experience for both consumers and merchants.
• While Naver's partnership with Chiliz doesn't involve direct investment, it is a strategic alliance that positions Naver Pay Wallet to utilize Chiliz's expertise in blockchain solutions.

Naver Pay Wallet: Features and Capabilities

The Naver Pay Wallet is currently in beta testing and offers a range of features designed to cater to a tech-savvy South Korean user base. It allows users to:

• Manage their digital assets
• Store NFTs (Non-Fungible Tokens)
• Integrate with decentralized applications (dApps)
• Utilize fan tokens for supporting their favorite teams or creators
• Participate in loyalty programs for Naver's merchant network

Target Audience and Market Potential

Naver's foray into the web3 space with Naver Pay Wallet targets tech-savvy South Koreans who are already familiar with Naver Pay's digital transactions and are interested in exploring blockchain technology, particularly in the domains of sports, entertainment, and digital assets.

Market Domination and Mainstream Adoption

Naver Pay Wallet has the potential to become a dominant force in the South Korean digital payment market. The company's vast user base of 33 million users gives it a significant advantage over its competitors.

• Naver Pay Wallet aims to become the "Google Pay / Apple Pay" of South Korea, simplifying and accelerating blockchain adoption for a wider audience.
• By offering a user-friendly platform, Naver Pay Wallet seeks to break down barriers to entry for blockchain technology, making it more accessible to mainstream users.

Future Plans and Expansion

Naver Pay Wallet currently supports the Chiliz Chain as its first blockchain. However, Naver has plans to expand the wallet's functionality in the future by adding support for additional blockchains, increasing its versatility and appeal to a broader user base.

• Naver's entry into the web3 market with Naver Pay Wallet is a significant development that could accelerate the adoption of blockchain technology in South Korea and beyond.
• The company's vast user base, user-friendly interface, and commitment to innovation position Naver Pay Wallet as a key player in the evolving web3 landscape.