South Korean internet giant Naver launches encrypted wallet Naver Pay Wallet test, holds first wave

South Korean internet giant Naver's payment platform Naver Pay announced on Friday (30th) the launch of a beta version of its digital asset wallet service Naver Pay Wallet, and will collaborate with Chiliz, a memory blockchain company focused on sports and entertainment, to provide various Web3 based content and exclusive activities for participating users.

According to the press release, Naver Pay Wallet will allow users to easily experience blockchain technology through activities and community content based on "Art" (NFTs in the wallet service). During the testing period, users can collect and save NFTs in exclusive activities and participate in prize draws.

Naver Pay Wallet is an unmanaged digital asset wallet where wallet users can directly manage their private keys and tokens without the need for a third-party organization. Users can quickly create a Naver Pay Wallet on the Naver Pay application by connecting their Naver ID and setting a dedicated password. According to Naver, this can solve the problem of most non custodial wallets being difficult to recover after losing mnemonics.

According to TechCrunch, Naver Pay Wallet will support Chiliz Chain as its first memory blockchain, and Naver may add support for more memory blockchains in future updates.

Chiliz founder and CEO Alexandre Dreyfus stated in an interview with TechCrunch, "Naver Pay Wallet's goal is not to become a typical cryptocurrency wallet, but rather a blockchain technology service centered around practicality and loyalty

In South Korea, over 97000 online and offline merchants use Naver Pay, a payment service initially launched on the Naver e-commerce platform Naver Shopping. Naver Pay Wallet will allow 33 million users to manage their digital assets and enable users to save NFTs. Dreyfus pointed out that the wallet will also add other features, such as integration with decentralized applications (DApps), fan tokens, and loyalty programs for Naver merchant networks.