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Top-tier South Korea Blockchain Facing Heat From Rivals In NFT Market

By Robin Wong | November 22, 2021
South Korean National Assembly Organizes Seminar to Talk about Crypto Laundering and Transparency

South Korea’s nonfungible token (NFT) sphere has reportedly witnessed exponential growth during 2021, fueled by the development of crypto and NFT services from Kakao, but competition is heating up. 

Specifically, the NFT market in South Korea could reportedly be set to experience even larger development, after a ruling finalized by the authorities on November 5th that NFT purchases will not incur taxes.

Klaytn – the blockchain built by Korea-based tech startups Kakao and GroundX – will be the first option that comes to mind for people in Korea, when looking for a network supporting the buying and selling of NFTs.

Klaytn’s market dominance in Korea has not met real competition since KakaoTalk, Kakao’s flagship products suite, has more than 52 million active users, and having completed the integration of Klaytn’s Klip crypto wallet straight into its mobile app. 

“If KakaoTalk pushes them, ordinary people who have not encountered cryptos will become familiar with them and [they will] accept NFTs as a culture.” Sangdi – Head of Spoon – a Korea-headquartered NFT creator platform – further remarked. 

Moreover, Klaytn is reportedly among the top three blockchains receiving the support from the OpenSea NFT marketplace. 

Kakao’s self-developed Krafterspace NFT minting service has reportedly posted more than 37,000 NFTs for sale on OpenSea, and nearly 7,000 of them have already been purchased.

Korean NFT creators have reportedly acknowledged that the platform on Klaytn has been particularly customized to cater to Korean collectors, its target market. 

“We are aiming for the Korean market first, then the global market. I think currently Klaytn will help us focus on Korea.” Sangdi additionally remarked.

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