Cyworld to return with launch of cryptocurrency ‘DTR’

Cyworld, the dominant social networking site in South Korea throughout the 2000s before the era of Facebook, is set to reopen Saturday afternoon, as a social networking platform where users can use cryptocurrency to decorate their virtual spaces.

Cyworld Z, the company that bought Cyworld last year, said Monday that the once-mighty homegrown platform will be officially re-released at 4:42 p.m. on Saturday through three app markets — Google and Apple app stores, as well as One Store.

Announcing the reopening date of the country’s first-generation social networking platform, the Cyworld operator also unveiled a plan for launching its first-ever cryptocurrency called DTR to create a global lifecycle blockchain ecosystem.

“Dotori,” which means acorn in Korean, had introduced the idea of a cybercurrency to many Koreans, long before the current metaverse and cryptocurrency craze. Users decorated their avatars, personal pages with background music and pixelated items, using the cybercurrency purchased with real money.

“Dotori was used by nearly 32 million users as a cybercurrency on the Cyworld platform. The new Cyworld will be back as a social networking service with the compatibility of dotori and DTR tokens, which will allow users to play an active role in financial activities,” the company said.

News about Cyworld’s return has been tugging on the heartstrings of Koreans, but the Cyworld operator is not relying on nostalgia. It aims to rekindle the golden age of Cyworld by creating a metaverse ecosystem that incorporates extended reality, augmented reality and blockchain technologies.

Ahead of introducing DTR, Cyworld Z chose conun, which will be rebranded into cycon, as its first family coin. Users will be given the cryptocurrency when using Conun Drive, a desktop platform, to blockchain their data to enhance security. Conun can be used to purchase dotori on the virtual platform.

Cyworld Z is also planning on incorporating non-fungible token platform business. Photos can be saved as NFTs and users will receive dotori in exchange.

By Jie Ye-eun ([email protected])