SEOUL, South Korea–(BUSINESS WIRE)–Juhwan Park, Chief Technology Officer (CTO) of STAT (Social Trading Alliance Token), a platform that issues NFTs (Non-Fungible Tokens) for traders, revealed his ambitions. CTO Park is a former software engineer at Boeing, the world’s largest aircraft manufacturer, and leads the development of STAT’s platform.
“The social commerce market has grown to tens of trillions of won. However, the result of this growth was not properly returned to most traders and regular users who have cultivated the related market. STAT aims to create a structure where the platform, traders and regular users can win-win in the social trading ecosystem.”
STAT is Kakao’s Klaytn-based platform that enables traders to issue and capitalize their investment strategies as NFTs. The platform also signed several partnerships with various platforms related to virtual assets and securities, including Ground X, a blockchain subsidiary of Kakao, Money Today Network, Seoul Economic TV and Bloomingbit, a blockchain subsidiary of Hankyung Media Group, the largest economic newspaper in South Korea.
As the number of individual investors exploded following the COVID-19 crisis, social trading platforms such as eToro and Stock Plus showed tremendous growth. Amidst this trend, the industry is paying attention to STAT, which created a unique service that incorporated NFT into the field of social trading.
– The combination of social trading and NFT seems a bit unfamiliar.
“STAT is a platform that enables traders to capitalize on their investment strategies and reputation using Klaytn-based alternative NFTs. Traders can issue subscriptions to their trading history as Trader Cards (NFTs) and auction them to make money. It’s similar to selling and trading memberships at a golf course or a hotel gym.”
– What are the benefits for a winner of a trading card at the auction?
“The trading history subscription ticket (trader card) issued by the NFT changes in value according to the performance of the corresponding trader. Trader card holders can resell the card to the secondary market to make money, or they can profit by copying trades (imitating) by looking at the data when they are shared with the trading history of famous traders in real time.”
– Can you have your assets automatically managed according to the trader’s trading history?
“We only provide the trading history at the moment. But as more platforms introduce different features such as AI trading robots and copy trading, we also plan to implement automatic copy trading based on the trading history of a specific trader if you own a trading card. Along with the service development, we are considering whether it will be legal or institutional problems with the service.”
– Are there any advantages for the platform and the traders by issuing a trader card?
“Of course. Existing social trading platforms generate profit through models such as paid subscriptions, but STAT’s trader NFT can provide the cash flow that would occur over a long period of time as auction revenue in advance. Traders issuing NFTs can also profit from the auction and get to share with a certain amount profit when resold in the secondary market. I believe the trust between the trader and the platform will grow stronger as the unforgettable investment history accumulates through NFT.”
– Can you issue an unlimited number of NFTs for trader cards?
“No. All trader NFT cards can be issued up to 100 limited edition cards.”
– How can we buy NFTs for trading cards?
“Users can bid with KLAY or STAT (soon) during the auction.”
– How can you get STAT?
“Users can buy STAT on exchanges such as Bybit and MEXC.”
– Are you also considering recruiting so-called ‘star traders’ who are active in personal broadcasting on YouTube?
“We focus more on cooperating with social trading platforms with star traders rather than recruiting star traders ourselves. In the future, we plan to cooperate with various platforms so that well-known influencers and traders can issue their own trader NFT cards on STAT.”
– Is traders’ previous history also reflected in the NFTs?
“The order of the traders before the NFT issuance is also their assets. Since this may affect the price of the trader NFT in the secondary market, we plan to record the history of the traders before the issuance of the NFT if we can verify it.
– Are there any other services you are planning besides trading NFT?
“We plan to provide investment information Squawk function, chart analysis and community service to discuss investment strategies in real time. We also aim to provide services where media providing investment information or analysts producing chart analysis and forecasts can also publish related NFTs.”
– In that case, can information subscription providers also make money with NFT?
“Yes. The NFTs in the form of information subscriptions can also be issued and auctioned. The investors who successfully bid on the subscription NFTs can get the information and analysis in real time and use it for investments. I hope that STAT will grow to a platform where the investors can quickly earn the necessary information and freely exchange opinions based on it and grow together with the investors.
– Tell us briefly about your plans or directions for the future.
“I think no platforms have issued trader subscriptions using NFT in the world yet. As STAT is underway, we want to use our own strengths to complement the social trading services. We want to create a service that the platform, traders and investors can everyone provide and enjoy excellent service so that we can become an exemplary case of using blockchain to create a win-win structure.”
For more information
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