Kakao’s Ground X forms business alliance to expand NFT use cases, services

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.

See related article: Kakao’s Klaytn partners with OpenSea for NFT expansion in Asia

Fast facts

• 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. 

See related article: South Korea’s SK Telecom to build its first Web3 wallet