Kakao’s Klaytn to support use cases of Metaverse, NFT in China through blockchain infrastructure partnership with BSN
Klaytn, a Ethereum Virtual Machine (EVM) compatible blockchain backed by South Korean internet giant Kakao, will help build an open-permissioned blockchain for China’s state-backed Blockchain-based Service Network (BSN) to support use cases of NFT, metaverse, blockchain games in the Chinese market.
Under the agreement, Klaytn Foundation will be contributing their technical expertise and business insights to provide the blockchain infrastructure and initial nodes for the Chongqing chain, which is expected to become one of the open-permissioned blockchains on BSN-DDC network.
“Following Klaytn’s integration to the BSN International earlier this year, we are excited to further strengthen the partnership by introducing the permissioned version of Klaytn, Chongqing Chain, to the Chinese market to support use cases related to NFT, metaverse, gaming and beyond”, said Yifan He, CEO of Red Date Technology and Executive Director of the BSN Development Association.
BSN, which supports 28 blockchain frameworks, has integrated some of most popular public blockchain networks, such as Ethereum, Cosmos, Palkadot, Tezos, Neo, EOS. BSN claimed these integrations form a new global blockchain infrastructure that can solve common issues of high gas fees and blockchain network congestion.
Led by the State Information Center, the network was co-designed by state-backed card payment organization China UnionPay, telecom carrier China Mobile and Beijing-based blockchain startup Red Date Technology.
In September, 2019, BSN published a white paper in which the developer of BSN admitted that its blockchain framework does not have the characteristics of being decentralized and transparent. Instead, it is operated by one or multiple stakeholders, users are required to seek approval from the application owner.
Launched in June 2019, Klaytn positioned as a public blockchain focuses on Metaverse, game finance (GameFi), and the creator economy.
After successful launch and operation in South Korea, Klaytn is aiming to expand to Asia, Europe, and the U.S.
Regarding the partnership, Klaytn Foundation said “We see great synergies in developing the Chongqing Chain in parallel with the Klaytn mainnet, as it would make it possible for Klaytn developers to plug in to the China blockchain network, providing an entry into the massive China market, and vice versa for Chinese developers looking to go global. Being in China will also help us to strengthen the Klaytn ecosystem and help us in building robust infrastructures to support the development of metaverses.”
As of May 18, 2022, Klay, which the native coin of the Klaytn network, is the 59th largest crypto with market cap of roughly USD1.21 billion, according to CoinGekco.
According to on-chain data tracked by Defi Llama, Klaytn is 15th largest blockchain for decentralize finance (DeFi) based on real-time measurement of total value locked (TVL) across chain ecosystem.