Busan, South Korea’s second-largest city, announced that it would launch the world’s first decentralized digital commodity exchange.
The world’s first decentralized digital commodity market, in which all goods are tokenized and sold based on blockchain, will debut in Busan, South Korea, by the second half of 2023.
The exchange will begin by tokenizing intellectual properties in movies and video games, likely due to the presence of rich cultural content like the Busan International Film Festival and the G-Star video game exhibition.
Intellectual properties, gold, ships, and real estate are some of the commodities that are planned for tokenization. The promotion committee thinks that by tokenizing gold, real estate, and intellectual property via blockchain technology, the general people will be able to trade on these assets for relatively little money.
In order to create a traditional asset center in the United States and subsequently a digital asset center in Busan, Seoul will also be taking cues from the New York Center for Stock and Bonds and the Chicago Center for Commodities and Futures.
Although a precise timetable has not been provided, the project is most likely to begin in February 2023. In order to expand its exchange operations to blockchain-based digital assets, the city plans to create a formal business, run technical testing, and then do so.
The committee’s chairman, Kim Sang-min, claimed that the tokenization of expensive assets level the playing field for all participants. According to a different story from the local media site Busan Ibo, earlier attempts to start a city-backed cryptocurrency exchange were abandoned to avoid conflicts with local officials.
Remember that in August 2022, it signed collaborations with significant exchanges like Binance, Crypto.com, Gate.io, Huobi Global, and the now-defunct FTX exchange in an effort to secure the funding needed to create its city-backed exchange Busan.
