Kakao's blockchain platform joins non-fungible token marketplace OpenSea

By Park Sae-jin Posted : March 29, 2021, 16:50 Updated : March 29, 2021, 16:50

[Courtesy of Klaytn]

SEOUL -- Klaytn, the public blockchain platform operated by South Korea's web service giant Kakao, has joined OpenSea, the world's largest marketplace for non-fungible tokens.

A non-fungible token (NFT) is a unit of data on a blockchain, basically a virtual ledger. Each NFT can represent a unique digital file such as art, audio, video, and an item in video games. NFT is tracked and authenticated using a blockchain platform that the digital token is based on. NFT also provides proof of ownership.

In early March, the print of "Morons," the 2006 original screen print by a pseudonymous Britain-based street artist named Banksy, was burnt down in a live stream video by a masked man after the artwork was sold as a digital artwork through NFT technology for $380,000. The stunt marked the moment to seek NFT's entry into the mainstream.

Klaytn's operator Ground X said in a statement on March 28 that the NFT service of its blockchain platform will be supported by OpenSea by the end of June. Video game items and digital arts will be provided, and users can buy or sell NFTs with KLAY, the cryptocurrency of the Klaytn blockchain platform.

"The Klaytn support on OpenSea will provide our ecosystem with an opportunity to interact with a much wider audience, and we look forward to further exploring interesting digital assets on Klaytn," Ground X CEO Jason Han was quoted as saying.

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