NEAR Protocol Partners With Dongdaemun-gu District, Will NEAR Rise?

Pathik Bhattacharya
Pathik Bhattacharya Published on September 08, 2023 03:40 PM

The NEAR Foundation announced the historic collaboration by signing a formal Memorandum of Understanding (MOU) with the Dongdaemun-gu Office in Seoul.

NEAR Protocol Partners With Dongdaemun-gu District
Source: Unsplash

for South Korea's Web3 industry, NEAR Protocol has entered into a strategic partnership with Dongdaemun-gu District in Seoul.

This collaboration, marked by a formal Memorandum of Understanding (MOU), holds the promise of transforming Seoul into a leading hub in the global blockchain market.

NEAR Protocol's Enhancing Web3

NEAR Protocol, known for its user-friendly approach and commitment to usability, will play a pivotal role in supporting teams venturing into the Web3 ecosystem.

The foundation's dedication extends to facilitating administrative processes, securing permits and licenses, extending tax exemptions for specific local taxes, and assisting in securing workspace for project operations and development.

This comprehensive support system is poised to be a game-changer for enterprises embarking on their Web3 journey.

A primary focus of this collaboration is to streamline administrative procedures, allowing for the swift approval of licenses for Web3 projects. Tax incentives will be introduced to stimulate regional economic development, including relief on specific local taxes.

To fuel the talent pipeline in the Web3 industry, a training program will be initiated, equipping individuals with the skills needed for success in this burgeoning field.

NEAR Protocol's Technological Advancements

Recent updates showcase NEAR's significant strides in enhancing the cost efficiency of contract deployment, a move that enhances its appeal to prospective projects. Additionally, improvements in the runtime performance of smart contracts mark a substantial technological advancement for the network.

These innovations position NEAR as a formidable player in the Web3 space.

NEAR Protocol has garnered attention in the crypto sphere, experiencing a surge in price, reaching $2.69 in mid-February 2023. This bullish momentum is attributed to the robust NEAR Protocol ecosystem, providing an excellent environment for building decentralized applications (dApps).

Market analysts foresee the NEAR Protocol crypto potentially reaching $1.77 by the end of 2023.

NEAR Protocol is trading at $1.14, up 1.01% in the last 24 hours, with a live market cap of $1B. It has a circulating supply volume of 1,000,000,000 NEAR coins and a maximum supply volume of 1,000,000,000, with a 24-hour trading volume of $34 million.

NEAR price chart

Source: CoinStats

NFT Landscape and Regulatory Progress in South Korea

While NEAR is among the blockchain networks exploring opportunities in the NFT space, the level of NFT activity on the network has seen relatively subdued activity. This reflects a decline in the total number of NFT trades.

In terms of cryptocurrency regulation, South Korea is taking proactive measures. The Virtual Asset User Protection Act, passed by the South Korean National Assembly on June 30, 2023, signifies a pivotal milestone in overseeing fair trade practices and safeguarding the interests of cryptocurrency investors.


In this collaborative endeavour, NEAR Protocol and Dongdaemun-gu District are poised to shape the Web3 landscape in South Korea, setting the stage for a dynamic future in the blockchain industry. Through innovative technological advancements and a commitment to fostering growth, this partnership holds immense promise for the region's Web3 ecosystem.


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