SEOUL, South Korea--(BUSINESS WIRE)--Juhwan Park, the Chief Technology Officer (CTO) of STAT (Social Trading Alliance Token), a platform issuing NFTs (Non-Fungible Tokens) for traders, revealed his aspirations. CTO Park is a former software engineer at Boeing, the world's largest aircraft manufacturer, leading the development of STAT’s platform.
“The social trading market has grown to tens of trillions of won. However, the result of this growth wasn't 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 assetize their investment strategies as NFTs. The platform also signed several partnerships with various platforms associated with 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 after the COVID-19 crisis, social trading platforms such as eToro and Stock Plus demonstrated tremendous growth. Amid 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 by using Klaytn-based alternative NFTs. Traders can issue subscriptions to their trading history as Trader Cards (NFT) and auction them to make a profit. It is similar to selling and trading golf course or hotel gym memberships."
- What are the benefits for a winner of a trader card at the auction?
"The subscription ticket of trading history (trader card) issued by NFT changes in its value according to the performance of the corresponding trader. Trader card holders can resell the card to the secondary market to make a profit, or they can profit from copying the trading (imitate) by looking at the data as they get shared with the trading history of famous traders in real-time."
- Can you make your assets be automatically managed according to the trader's trading history?
"We are only providing the trading history at the moment. But as several platforms are introducing various functions such as AI trading bots and copy trading recently, we also plan to implement automatic copy trading based on the trading history of a specific trader if you own a trader card. Along with the service development, we are reviewing whether there will be any legal or institutional issues with the service."
- Are there any benefits to 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 time as auction revenue in advance. Traders who issue NFTs can also profit from the auction and get shared with a certain amount of profit when resold in the secondary market. I think the trust between the trader and the platform will grow stronger as the unforgeable investment history gets accumulated through NFT."
- Can you issue an unlimited number of trader card NFTs?
"No. All trader NFT cards can be issued up to 100 limited edition cards."
- How can we buy trader card NFTs?
"Users can bid with KLAY or STAT (soon) during the auction."
- How can 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 are more focusing on cooperating with social trading platforms with star traders rather than recruiting star traders ourselves. In the future, we plan to collaborate with various platforms so that famous influencers and traders can issue their own trader NFT cards on STAT."
- Are traders' previous history also reflected in the NFTs?
"The record of the traders before the NFT issuance is also their assets. Since this can affect the price of the trader NFT in the secondary market, we plan to record the traders' history before the issuance of NFT if we can verify it.
- Are there any other services you are planning besides trader NFT?
"We plan to provide investment information Squawk feature, chart analysis, and community service to discuss investment strategies in real-time. We also aim to provide service where the media that provides investment information or analysts who produce chart analysis and forecasts can also publish related NFTs."
- In that case, can information subscription providers also make a profit with NFTs?
"Yes. The NFTs in the form of information subscriptions can also be issued and sold at an auction. The investors who successfully bid for subscription NFTs can get the information and analysis in real-time and use them for investment. I hope that STAT will grow into a platform where the investors can quickly earn needed information and freely exchange opinions based on it and grow together with the investors.
- Please tell us briefly about your plans or directions for the future.
"I believe no platform has issued trader subscriptions using NFT in the world yet. As STAT is making a start, we want to use our own strengths to complement the social trading services. We will create a service that the platform, traders, and investors can all 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