Cyworld will resume service starting with a beta service in October. Its new operator, blockchain technology company Sigmachain, will prioritise restoring existing user data while also reviewing new revenue models using non-fungible tokens (NFTs) and stablecoins.

Sigmachain held a press briefing on Sunday at the Courtyard Marriott Seoul Myeongdong in Jung-gu, Seoul, and said it had acquired Cyworld-related intellectual property rights, trademarks and user data.

The company plans to restore existing user data totalling about 17 billion records and then release the beta service in October. It plans to stabilise the service and launch a full service in the first half of 2027.

The beta service will first offer features such as friend connections and a feed function. It will also set up an identity verification process so users can check their past accounts and photos and posts. It plans to expand step by step existing Cyworld functions such as minihompys, photo albums, music, ilchon and communities.

It will also diversify revenue models. In addition to advertising and item sales, it plans to pursue a fan community and digital content business and is reviewing a function that allows users, if they want, to tokenise their own content into NFTs. It is also discussing ways to link stablecoins issued by financial institutions and others to payment methods for buying 'acorns', which were previously cyber money.

Legal disputes surrounding the acquisition of Cyworld are a variable for normalising the service. Kim Ho-kwang (김호광), former chief executive of Cyworld Z and now chief executive of Betalabs, who visited the briefing venue on Sunday, raised legal issues, saying a special resolution at a shareholders' meeting was not made in the process of transferring Cyworld business rights and assets. A lawsuit is under way at the Seoul Central District Court seeking invalidation or cancellation of the existing business transfer and restoration of business rights to their original state.

Differences over domains also remain. Kim said Sigmachain had secured the cyworld.co.kr domain but had not secured the .com domain, and claimed legal issues remain. Sigmachain said it is discussing ways to use domains and that the dispute is a separate matter from this acquisition.

Sigmachain said it signed a contract with Cycommunications to legally acquire Cyworld-related IP, trademark rights and data. It said the dispute between Betalabs and Cyworld Z is unrelated to this acquisition.