South Korea's leading blockchain facing greater competition in NFT market

South Korea's leading blockchain facing greater competition in NFT market


South Korea’s nonfungible token (NFT) space has rapidly expanded throughout 2021 led by the growth of crypto and NFT services offered by Kakao, but competitors are entering the fray.

The NFT market in South Korea could be on a path for even more expansion following the Nov. 5 government ruling that NFT purchases will not incur taxes.

Klaytn, the blockchain developed by Korean tech startups Kakao and GroundX, is the obvious first choice for Koreans searching for a network to buy and sell NFT’s.

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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.

Sangdi, CEO from Spoon, an NFT creator platform based in South Korea, told Cointelegraph

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