After an impressive rally in the last 30 days, Klaytn (KLAY) entered among the top 20 coins. The price is currently at an all-time high of $ 4.12, while its market cap is close to $ 10 billion.
Although it was only launched in 2020, it now ranks KLAY above Bitcoin Cash, Stellar Lumens, and other legacy projects. However, just one year after its launch, the coin has seen increases of 4.579%, 700% and 171.2% in one month since the beginning of 2021, while the fundamentals point to the continuation of the rally.
GroundX, created by a subsidiary of Kakao, one of South Korea’s leading internet companies, is a public blockchain. Klaytn is designed as a service and user experience oriented platform. With the hybrid features of a public and private blockchain, Klaytn also has a highly scalable network, distributed governance, low latency, and decentralized data storage.
One driving factor is definitely that the company behind the cryptocurrency has one of the most popular social networks in its country. With an estimated 50 million active users each month, it also has Kakao Pay, a local payment app.
Basics support the KLAY rally
Other reasons for KLAY’s rise are certainly the combination of significant collaborations. Five months ago, the Bank of Korea confirmed that it is in talks with GroundX and Kakao to create a central bank digital currency (CBDC).
While it has not yet decided on a final platform for the project, the bank is committed to using distributed ledger technology or blockchain in a hybrid system connected to its platform. The system can be supplemented with technology already implemented by Kakao. Such an initiative is expected to be demonstrated next year.
In addition, the NFT marketplace OpenSea announced just yesterday that it will integrate Kakao’s platform. This will make it the second blockchain to support OpenSea after Ethereum. According to the announcement, the collaboration aims to take advantage of Klaytn’s capabilities to expand the adoption of unchanging tokens “from micro-startups to large enterprises”. Ground X CEO Jason Han said:
Klaytn support in OpenSea will provide our ecosystem with the opportunity to interact with a much wider audience, and we look forward to discovering more of the interesting digital assets on Klaytn.
Users will be able to access a wide variety of NFTs with integration. These will range from the arts to the video game industry. In recent months, NFTs have been a part of strong mainstream interest. Therefore, the Klaytn / OpenSea partnership can further increase the demand for KLAY by closing the sales of the auctioned products. OpenSea CEO Devin Finzer said about the collaboration:
We believe that supporting Klaytn’s blockchain and growing NFT community strengthens the blockchain space that can invite even mainstream audiences to experience Klaytn’s unique digital assets and products.
As OpenSea data shows, the NFT market on its platform has seen a significant increase in daily trading volume in the past 30 days and stood at 55,063 ETH and 111,566 in a year, while the CryptoPunks collection remains one of the most in demand in OpenSea.