This article will introduce some interesting facts about the Korean NFT market.
Thanks to its user-friendly UX, Klaytn has become the ecosystem of choice for many projects in Korea. Since it was developed by internet giant Kakao, users can easily create wallets on their mobile phones.
Currently, approximately 97% of smart contracts generated on Klaytn are NFTs.
In the absence of any meaningful competition, OpenSea has pretty much cornered the Klyatn NFT market.
But recently, the tide is changing. A new marketplace, PalaSquare, is challenging the status quo.
Since launching its beta service in January, PalaSquare has quickly caught up with OpenSea in terms of transaction volume.
The market share is also growing rapidly, accounting for 40% of the Klaytn NFT market.
How did it hit the market in such a short period of time?
1) Low platform fees
2) Partnership
lower cost
PalaSquare currently charges a 1% transaction fee, but its buyback program is effectively 0 fees.
Partnerships
One of the top NFT collections, SuperWalk, has an airdrop campaign when it launches on PalaSquare. The result was a huge success, accounting for 77% of the total volume on the day of its release.
Not to mention that OpenSea has had little action in the Klaytn NFT market, and since PalaSquare is a domestic Korean project, they are in the best position to collaborate more with local projects.
Klaytn itself has a smaller value proposition compared to Ethereum, so it's understandable that OpenSea hasn't put in much effort to capture the market.
But South Korea still has a group of young cryptocurrency enthusiasts.
Does OpenSea see the Korean market as a new field? Or let PalaSquare take over?
We don't know for sure, but we know that many projects, including NEAR and Polygon, are entering the Korean market with high expectations.
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cryptopotatoNFTs trading volume has declined by over 90% after peaking in January.
Beincrypto
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