The platform “Klaytn” may see its domestic dominance dwindle if it cannot keep pace with competitors such as Polygon as its the first choice for Koreans searching for a network to buy and sell NFTs.
While Klaytn, the blockchain was developed by Korean tech startups Kakao and GroundX.
Klaytn’s market dominance in Korea is unrivaled as KakaoTalk, Kakao’s flagship products suite has over 52 million active users and integrates Klaytn’s Klip crypto wallet directly into its mobile app.
According to a Cointelegraph report, Sangdi, CEO of Spoon — an NFT creator platform based in South Korea — said, “If KakaoTalk pushes them, ordinary people who have not encountered cryptos will become familiar with them and [they will] accept NFTs as a culture.”
Additionally, Klaytn is one of only 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 almost 7,000 of them have already been purchased.
Korean NFT creators are aware that the platform on Klaytn has been tailor-made for Korean collectors, its target market. Sangdi added, “We are aiming for the Korean market first, then the global market. I think currently Klaytn will help us focus on Korea.”
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.
