Klaytn, the blockchain branch of the Kakao Group, is positioning itself as one of the networks with the best conditions for play to earn games. The Kakao chat app was one of the first to adopt blockchain capabilities and offer them to the market in South Korea. Now, Klaytn wants to become the blockchain for metaverse apps, gaming and the creator economy.
The Klaytn blockchain relies on the Governance Council to greenlight the shift to metaverse applications. Klaytn will try to offer the full package to attract projects, including play to earn games, NFTs and DeFi services.
Klaytn plans to introduce compatibility with Ethereum in the first half of 2022, along with development packages to attract projects.
“There is no other blockchain in the world now that is tuned specifically for the metaverse, gaming, and the creator economy. Our vision is ambitious and definitely achievable. We look forward to seeing the other blockchains catch up with us,” says David Shin, Head of Global Adoption at Klaytn Foundation.
Despite the claims of Klaytn, other networks are already hosting metaverse projects, including Ethereum, BSC, Solana and a longer list of platforms with play to earn games.
KLAY Token Trades in Range
The KLAY token, the native asset of the Klaytn blockchain, has moved sideways for the past few months, with some volatile days. KLAY traded at $1.25, and has ranged between $0.80 and $2 in the past year.
KLAY is accessible for swapping and trading for anyone with access to Binance international exchange, and is present on the South Korean crypto market. KLAY trading volumes are relatively low at around $100M per day, far from the trading activity of other coins and tokens with metaverse ambitions.
The Klaytn blockchain can be used through the Klip wallet, also compatible with the Kakao app. The wallet already hosts smart contracts and can be used for game rewards and NFTs. The Klaytn block explorer also shows the blockchain hosts a total of 113 NFT collections and can be used in theory for gaming items. Klaytn has a fast block production and the potential for high-speed transactions suitable for game rewards.