South Korean internet giant Kakao’s blockchain subsidiary Ground X has formed GRID, an alliance of some 50 local companies to popularize and expand use cases in the non-fungible token (NFT) ecosystem, the company announced Thursday.
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Ground X will support companies in GRID in operating NFT-based services more efficiently by providing digital infrastructure services such as the QR code authentication or the NFT membership function on Klip, Kakao’s digital wallet.
“We’ve created GRID to build a collaborative model by connecting leading companies in various fields such as distribution, entertainment, marketing, finance and the NFT market,” said Ground X in a press release, adding that GRID aims to increase the use cases of NFTs both online and offline.
The alliance includes major players such as Shinhan’s banking and credit card subsidiaries, Amore Pacific, Lotte Department Store, Kakao Games, and SK’s education platform mySUNI.
Ground X operates its own Klaytn blockchain and KLAY cryptocurrency. Last year, Ground X was chosen as the preferred supplier for Bank of Korea’s CBDC simulation project, which finished in June 2022.
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