Non-fungible token (NFT) marketplace OpenSea and Klaytn Foundation Asia's dominant metaverse Blockchain platform which is developed by South Korean internet major Kakao based in Singapore announced about their partnership, aiming to strengthen and expand the Asian NFT ecosystem.

The partnership was announced at NFT.NYC. It is the first-of-its-kind which is focused to accelerate the growth and adoption of NFTs in Asia. As part of partnership, Asian NFT projects will be promoted to a global audience through collaborations at conferences and ecosystem grants. With Ethereum, Polygon, and Solana, Klaytn is one of four blockchains supported by the world's largest NFT marketplace. The blockchain affiliate of South Korean internet giant Kakao, Ground X has established Klaytn Foundation. In a statement, Klaytn said the companies wants to scale-up the NFT ecosystem, strengthen ties between Asian NFT projects and bring greater visibility to Asian NFT projects globally" with these initiatives. Individuals will be able to own their own digital assets, including user-created content distributed in the metaverse, or even digital representations of tangible items.

In addition to the Klaytn Growth Fund (KGF), developers can also access developers' tools and resources, as well as an end-to-end metaverse support package that Klaytn is building through partnering with strategic partners to provide infrastructure and other services.

NFTs, which are uniquely identifiable and tracable digital assets, represent the core building blocks of the Web3 metaverse.

Highlights of earlier partnership done by Klaytn

Previously the firm Klaytn has forged strong partners in Asia, including Altava Group which is based in Singapore, East NFT which is Thailand-based, Japan-based Soramitsu, and Service Network which is a Blockchain based in China. Klaytn's developer tools and resources, as well as the Klaytn Growth Fund, will be available to crypto projects and developers through the tie-up.

Using the South Korean blockchain company Klaytn, supported by government China's Blockchain-based Service Network (BSN) will build an open-permissioned blockchain for use on the Middle Kingdom's national infrastructure.

About Klaytn Foundation :

The firm is non-profit organization that was established to accelerate global adoption and ecosystem maturity on Klaytn. US$500m Klaytn Growth Fund is managed by the firm and operates alongside the holding company for all overseas ventures of internet giant Kakao Corp, Krust.

About OpenSea :

world's leading peer-to-peer marketplace for NFTs is OpenSea whose mission is to support world's creators, collectors and collaborators own and shape their relationships and building world's most trusted and inclusive NFT marketplace. It has its headquartered in New York. The OpenSea includes members from Google, Palantir, Lyft, Uber, Stanford and Berkeley.

a16z, Paradigm, Coatue, YCombinator, Founders Fund, Coinbase Ventures, 1Confirmation, and Blockchain Capital are the some of the investors.

Indrani Bose

CBW - External Analyst

INDIA