South Korea’s NFT space has quickly expanded throughout 2021 led by the growth of crypto and NFT services offered by Kakao.
The NFT market in South Korea could be on straight shot towards further expansion following government ruling that NFT purchases will not incur taxes.
Klaytn, the blockchain developed by Korean tech startups Kakao and GroundX, is the first choice for Koreans searching for a network to buy and sell NFT’s.
Klaytn’s market domination in Korea is unmatched as Kakao’s flagship products suite, has over 52 million active users and integrates Klaytn’s Klip crypto wallet directly into its mobile app.
The CEO from Spoon, an NFT creator platform based in South Korea, stated that,
“If KakaoTalk pushes them, ordinary people who have not encountered cryptos will become familiar with them and will accept NFTs as a culture.”
Klaytn is one of three blockchains supported by the OpenSea NFT marketplace. Kakao’s own Krafterspace NFT minting service has posted over 37,000 NFTs for sale on OpenSea, and 7,000 of them have already been purchased by users.
Korean NFT creators are aware that the platform on Klaytn has been tailor-made for Korean collectors.As South Korean NFT collectors become more accustomed to global NFT trends, alternatives such as Ethereum layer two scaling network Polygon present a potential threat to Klaytn’s dominance.
