Klaytn launches NFT blockchain minting service

Korean-based Klaytn will launch a non-fungible token (NFT) minting service called KrafterSpace. Klaytn is a public blockchain founded by GroundX, a subsidiary of South Korea’s largest social network Kakao. 

The initiative aims to simplify the creation and management of NFTs. Users can turn an image or video into an NFT simply by uploading it on Klaytn. The digital content can be displayed on the KrafterSpace platform or stored in Klaytn’s digital wallet Kaikas.

Kaikas is supported by NFT marketplace OpenSea, which will enable the re-sale of minted NFTs. There are already Klaytn-based NFTs being traded on the platform, mostly games and sports-related. 

Klaytn was the second public blockchain platform to be supported by OpenSea. Ethereum, the most popular public blockchain to mint the digital content, was the first. With the launch of KrafterSpace, the end-to-end experience is far smoother because it seamlessly connects all the platforms required to successfully create an NFT, from the NFT platform itself to the digital wallet needed to store it, the blockchain to support it and the marketplace.

Uploading digital content on Klaytn has no gas costs, which is a competitive advantage over Ethereum, which has suffered high gas costs.

One of the greatest challenges in the blockchain sector is the excessive energy used to support the technology and minting of its products, such as crypto and NFTs. Addressing the environmental impact of minting NFTs will be essential for the sustainability of the industry. 

In the case of Klaytn, it is not as decentralized as Ethereum, and a small number of enterprises operate consensus nodes. Hence it is more energy-efficient than the current version of Ethereum. There are solutions such as ConsenSys’ Palm, which features lower energy usage and gas costs by using an Ethereum side chain.

Besides Ethereum, Flow and WAX are two other significant competitors of Klaytn and its NFT minting platform. Flow was founded by Dapper Labs, the creators of NBA Top Shot, which alone has resulted in over $500 million in transactions on the Flow blockchain. Meanwhile, WAX NFT space seems to be targeted at sports collectibles and games and has a partnership with Topps, the collectibles firm best known for baseball. 

As for Klaytn, the public blockchain is involved in big projects outside the NFT world. The Network is discussing the possibility of getting involved with thecentral bank digital currency project with the Bank of Korea, and has already partnered with Ethereum developer ConsenSys to advance the efforts.

Published By : Ledger Insights

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