TheCryptoUpdates
News

What Lies Ahead After Klaytn and Opensea’s Partnership?

Many years ago, it would have been unthinkable to consider a GIF or JPEG file a work of art, but today they’re called NFTs, crypto financial assets with a market that had top 49 billion dollars in 2021. As a result, investors have made tremendous gains buying and trading these digital tokens on the internet.

In order to further the development of the NFT ecosystem in Asia, Klaytn Foundation has partnered with OpenSea, the largest marketplace for NFTs in the world, to invest in the Asian ecosystem, promote adoption and growth, and bring greater visibility to Asian NFT projects worldwide. 

What Is Klaytn?

Klaytn is a public blockchain centered around metaverse, gamefi, and creator economy. Since its introduction in June 2019, it has expanded its global reach from its international base in Singapore, led by the Klaytn Foundation, a non-profit organization that was established to accelerate global adoption and ecosystem maturity on Klaytn. It currently ranks as the top blockchain platform in South Korea.

What Is OpenSea?

The OpenSea marketplace allows users to buy, sell, mint, and trade NFTs, similar to eBay, Etsy, and Amazon. In addition, the decentralized peer-to-peer exchange will enable users to conduct direct, trustless transactions with each other.

Based on their excitement over the well-known NFT series CryptoKitties and seeing the potential of NFTs to make digital goods wholly-owned for the first time, Devin Finzer and Alex Atallah founded OpenSea in 2017.

How Will This Partnership Work?

As a result of the partnership, which includes conference collaborations and ecosystem grants, they will support growth of the ecosystem and help to strengthen industry ties.

David Shin, the Head of Global Adoption at Klaytn Foundation, said, “ The company is eager to partner with OpenSea to build a blockchain for gamefi and the creator economy as part of its vision. Through these partnership initiatives, our goal is to draw out innovative use cases and support the growth of the Klaytn ecosystem in Asia.”

What Is This Collaboration Trying to Achieve?

The company aims to generate innovative use cases through these joint initiatives in order to support the growth of Klaytn’s ecosystem in Asia.

In addition to its strong relationships with companies all over the world, Klaytn Foundation has worked with East NFT in Thailand, Soramitsu in Japan, and Blockchain-based Service Network (BSN) in China, among others.

What Lies Ahead?

Klaytn Foundation and OpenSea will collaborate on conferences, develop ecosystem grants, and more to expand the NFT ecosystem, fortify relationships, and promote Asian NFT initiatives. 

A few days back, Klaytn announced that it would partner with NFTb to work closely and provide high potential projects launching on Klaytn. Klaytn and NFTb will provide full support to the early-stage metaverse and GameFi projects as part of an incubator and funding program. The initiative will launch digital assets natively on the Klaytn blockchain by onboarding over 50 projects over the next three years.

Related Articles

Bitcoin Value to Hit 250x According to PayPal Board Member

Akansha Kesarwani

IMF Is Not Very Pleased About El Salvador Bitcoin Move

Kshitij Chitransh

Improbable, a gaming start-up, launches a blockchain project

Mridul Srivastava