Sigma Chain Revives Cyworld with Web3 Makeover and Stablecoin Plans

Cyworld is set to make its return in October as a Web3-based service. Its new operator, Sigma Chain, acquired the platform's intellectual property through legal procedures, according to Peter Han, global director of Sigma Chain.

The company plans to remake Cyworld into a decentralized social media platform where users can convert their content into non-fungible tokens (NFTs).

Sigma Chain is also considering introducing a won-backed stablecoin, which could be tied to Dotori, Cyworld's virtual currency. However, CEO Kwak Jin-young clarified that the company has no plans to issue its own token.

The full service will launch in the first half of next year, with the goal of restoring 17 billion photos and posts from legacy data. The revenue model will be expanded beyond advertising into fan communities and digital content.