Hankyung Bloomingbit signs strategic partnership with Abstract

Bloomingbit, a virtual-asset (cryptocurrency) specialist subsidiary of Hankyung Media Group—the country’s largest business media group with 14 million digital subscribers—announced on the 4th that it has signed a strategic partnership with Ethereum Layer 2 (L2) project “Abstract.”

Abstract is a consumer-friendly blockchain network developed by Igloo Inc., the operator of the global non-fungible token (NFT) project Pudgy Penguins. By advancing Ethereum’s scaling architecture, it delivers ultra-fast throughput, and the industry has assessed it as one of the fastest chains among existing Layer 2s. Last month, it surpassed the revenues of major Layer 1 chains such as Avalanche and Near, entering the top 10 by total chain revenue.

In particular, Abstract is building a real-world-use blockchain ecosystem spanning entertainment, sports and licensed intellectual property (IP) by collaborating with global companies including Disney, Mattel, Star Wars, Paramount, Red Bull Racing and Ultraman. Its goal is to drive mainstream adoption of Web3 by extending everyday brand experiences on-chain.

Its integration with Korea’s entertainment industry is also drawing attention. Representative examples include partnerships with Modhaus—the agency of girl group tripleS, ARTMS and idntt. Abstract is tasked with improving efficiency by transitioning legacy digital infrastructure to blockchain-based infrastructure. Modhaus’ fan participation platform “Cosmo” is regarded as a successful case of combining blockchain and K-pop, having issued more than 9 million digital photo cards cumulatively and conducted more than 6 million fan votes to date.

Through this partnership, Bloomingbit and Abstract plan to expand blockchain products based on K-content and East Asian content into global markets. The companies said they aim to lead innovation in global blockchain media by combining Hankyung Media Group’s broad user base and media infrastructure with Abstract’s technology.

Kim San-ha, CEO of Hankyung Bloomingbit, said, “Abstract is a key project leading a consumer-centric on-chain ecosystem grounded in global entertainment IP,” adding, “Through this collaboration, we will connect Hankyung Bloomingbit’s media infrastructure to Abstract’s global on-chain network and accelerate the global expansion of K-content-based blockchain products.”

Brian Hong, head of Asia-Pacific at Abstract, said, “Bloomingbit is a platform representing Asia’s financial media industry, and we expect strong synergy when combined with Abstract’s on-chain infrastructure,” adding, “Starting with this partnership, we will build a new on-chain media innovation model that connects the media and data of K-content and East Asian content with cutting-edge blockchain technology.”