Cyworld Tries Again with Blockchain-Focused Revival Amid Legal Disputes

Cyworld, South Korea's once-popular social media platform, is gearing up for its third resurrection under new ownership. SigmaChain, a blockchain technology firm, has acquired the intellectual property (IP) license for Cyworld and plans to launch a beta service in October.

The revived platform will focus on integrating cryptocurrency into its core revenue model, allowing users to issue their mini-homepage content as Non-Fungible Tokens (NFTs) and link a stablecoin to Cyworld's digital currency, Dotori. SigmaChain aims to distribute revenue 40% to users, 40% to creators, and 20% to the platform.

However, this is not the first time Cyworld has attempted to integrate cryptocurrency. The project has previously failed three times, with past attempts resulting in legal disputes and a lack of funding for data restoration.

SigmaChain is confident in its technical capabilities, having received certification from KOLAS for its proprietary mainnet's processing performance of 300,000 TPS. Despite this, the company faces opposition from former operating company Beta Labs, which claims it was not notified or given consent for the sale of Cyworld.