Table of Contents

1. Introduction

2. SK Planet

2-1. Corporate Overview

2-2. OK Cashbag Revenue Model

3. Why Blockchain and What’s Expected

3-1. Success and Limits of OK Cashbag’s “Versatility”

3-2. SK Planet Attempts to Secure New Growth Momentum and Improve Profitability via Avalanche Blockchain

4. UPTN Project’s Current Status

4-1. SK Planet's UPTN Subnet temporarily outpaces Axie Infinity’s on-chain activity following the release of TEM NFTs

4-2. While there is an immediate cost burden, the framework is designed to yield both revenue and profitability in the long run

5. Closing Thoughts

 

 

 

 

1. Introduction

Let’s talk the MCU for a second. In “Iron Man 1”, Tony Stark is attacked by terrorists and nearly killed by the shrapnel lodged in his heart. While he is unconscious, Ho Yinsen, who was also held captive, plants an electromagnet in his heart to keep the shards away. Then with Yinsen’s help, Tony forges the Arc Reactor as a replacement for the electromagnet in his chest, extending his life by decades. And thus Iron Man was born. So, why are we talking about this famous superhero? We need to talk about UPTN project and whether it could be the arc reactor for SK Planet.

This report is organized into two parts. First, we’ll provide a brief corporate analysis for SK Planet, exploring the background, business direction, and expected effects of the UPTN project. In the second part, we analyze the current state of the business based on on-chain data and consider UPTN projects’ potential in the long-term.

Source: MCU’s “Iron Man”

2. SK Planet

2-1. Corporate Overview

SK Planet is a data business solution and O2O marketing platform under the SK Group, created in October 2011 when the platform business was spun off from SK Telecom. Currently, SK Planet is 98.65% owned by SK Square and 1.35% by treasury shares, but in September 2023, WEMADE will acquire a 12% stake in SK Planet as a means of strategic alliance.

SK Planet is mainly composed of two divisions. The Business Solution division provides B2B business solutions in various fields such as IoT (RB Insight), Media (RB Cloud), AI (RB Dialog), and MNO. And the Marketing Platform division operates marketing services such as OK Cashbag and Syrup Wallet, which we will focus on in this report.