Lee Du-hee, once a dissatisfied graduate student at Seoul National University, boldly left the prestigious institution to create his own lectures, believing that traditional methods relying on outdated PPTs were inadequate for learning about rapidly changing fields, particularly information science and technology.
Teaming up with several like-minded colleagues, he began offering free coding and IT lectures to Seoul National University students. This marked the beginning of Korea’s top IT education program, LikeLion.
Now 40 years old, the once audacious young man who left graduate school at the age of 29 has seen his interests gradually shift. While he initially focused on new technologies, he is now deeply engrossed in the field of Non-Fungible Tokens (NFTs).
To venture into NFT-related business, he co-founded Modern Lion with Hyundai Card in 2022. To concentrate on this new venture, he stepped down from his position as the CEO of LikeLion, a role he had held for over a decade.
When people think of NFTs, they often imagine collectible digital artworks. However, NFTs are not strictly limited to visual art. They are, in fact, a technology consisting of complex codes that ensure immutability and verifiability.
This intricate technology makes it impossible to tamper with or counterfeit, which is precisely the aspect that Lee finds fascinating. He believes the potential applications of NFTs are limitless because they can certify the authenticity of the “genuine original.”
One of the first areas he addressed was concert tickets, aiming to eradicate the issue of scalping. He has expanded his efforts to include preventing scalping at events like popular singer-songwriter Jang Beom-june’s concerts and Hyundai Card’s cultural program ‘Da Vinci Motel.’
Additionally, one of his major projects this year is the platformization of KONKRIT, the NFT marketplace he established. Simply put, Lee plans to build a large marketplace where everyone can list and purchase NFT-related items, akin to an e-commerce platform.
Lee Du-hee’s vision for the future might sound modest. He hopes for a world where even a local chicken shop can issue coupons using NFT technology. This may seem trivial at first, but upon reflection, its significance becomes clear. It symbolizes the everyday integration of web 3.0 technologies like NFTs, much like how the internet has become an essential part of our daily lives.
―Please introduce yourself.
“I am Lee Du-hee, the founder of the S. Korean IT education company LikeLion. I have stepped down from the CEO position and remain as a director. Since 2022, I have also been running Modern Lion.”
―Can you explain what Modern Lion is?
“Modern Lion is a company specializing in NFTs. It operates KONKRIT, a marketplace where NFTs can be bought and sold, and it explores practical applications of NFT technology in everyday life. It is a joint venture with Hyundai Card, combining the dynamism of a startup with the expertise of a major financial corporation.”
―What is an NFT?
“An NFT, simply put, represents a permanent ‘ownership’ of something. It’s a concept of rights rather than a specific form. NFTs are a technology that can record ownership of a particular object across thousands of computers worldwide. Because it is recorded by everyone, it creates a new paradigm.”
―What kind of business are you conducting using NFTs?
“We are currently focusing on ticket-related businesses. With traditional paper tickets, it is difficult to claim ownership if they are lost. We wanted to eliminate this issue by turning purchased ticket ownership into NFTs. We also aimed to eradicate the problem of scalping. When booking concert tickets, some people use fraudulent methods like ‘macro’ programs to buy tickets in bulk. Preventing macros is very difficult with the existing system. This led us to consider using NFTs to solve this problem.”
―Can you explain in more detail?
“People who want to buy tickets put their names on a waiting list and are selected through a lottery. This is possible because blockchain system, like NFTs, inherently includes technology for random selection. Because blockchain code is open to everyone, any attempts to manipulate it can be seen by all. This feature helps prevent potential manipulation. After purchasing a ticket, we convert the proof of purchase into an NFT and give it to the customer. When they arrive at the concert venue, staff can verify the NFT and check their identity using methods like facial ID or fingerprint verification.”
―Why are you focusing on NFTs?
“The potential for growth for the related business is limitless. NFTs can be widely used, especially in mileage and marketing. The more data accumulates, the stronger it becomes. For example, as a particular artist continues to perform in the concert business, it becomes easier to identify ‘super fans.’ Because NFT purchase records are transparently stored, we can see who frequently attends concerts. Applying this to marketing can create a virtuous cycle applicable to any business. Since purchase records are accumulated and stored, it’s possible to develop programs that offer greater benefits to ‘loyal customers.’ In short, companies can filter out ‘cherry pickers,’ and customers can receive greater benefits.”
― Wouldn’t a personal privacy infringement issue occur if companies can see purchase records?
“No, it doesn’t. When traditional companies use member IDs to create databases of customer information, privacy concerns can arise. However, with NFT and blockchain technology, companies cannot access personal information. They can only see the purchase activity associated with a specific ID, without being able to identify the individual behind it.”
―What is Modern Lion’s goal for this year?
“Our goal is to ‘platformize’ KONKRIT, the NFT marketplace launched this year. Modern Lion dreams of KONKRIT becoming a place where sellers and buyers can freely trade NFT-related products, like Coupang or Amazon.”
―When do you think the true ‘mass adoption’ of Web3 will occur?
“I think it will happen when people use Web3 technology without realizing they are using it. It sounds complicated, but using the internet as an example makes it easier to understand. We don’t know how the internet works, but we use it every day. If the internet disappeared overnight, our world would face great confusion. The same goes for the popularization of Web3.”
― What kind of future do you see for NFTs?
“When I was young, the local Chinese restaurant gave coupons when you ordered food. Collecting ten coupons would get you a free dish like sweet and sour pork. Back then, the coupons were made of paper, but I hope they will be issued as NFTs in the future (laughs). I hope blockchain technology like NFTs becomes a technology that is not limited to a few but easily accessible to everyone.”
