Ground X Launches GRID to Expand NFT Use-Cases in South Korea
The South-Korean web3 company has unveiled GRID, a platform that seeks to promote and expand the use of NFT across various niches.
Ground X, a subsidiary of Kakao, launches GRID. The newly formed union aims to promote the usage of non-fungible tokens (NFT) in different fields, and it seeks to introduce companies from the distribution, entertainment, marketing and finance sectors into the NFT market.
The Mission of Ground X in the South Korean Market
Ground X is taking advantage of the wild growing adoption of the Web3 in South Korea, providing GRID incorporated companies with digital infrastructure services like QR code authentication or NFT membership function on Klip, Kakao’s digital wallet.
The project came to life after a 20% crypto tax imposition was suspended by the Korean government till 2025. In a press release Ground X reiterated the company’s mission in the South Korean NFT market.
The team stated:
“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.”
The company is focused on creating more ways to better expand the use of NFT both online and offline.
South Korean Metaverse Moves
The South Korean government stands out as one of the early adopters of Web3, and the country recently unveiled a diversified plan to explore the metaverse. In addition, the Asian Country witnessed the use of NFTs in its presidential election campaigns.
The country had earlier invested $186.7 million to create a national ecosystem in the metaverse. Infact, many other locally-based companies like Netmarble, YG Entertainment and Cube Ent. have either partnered with Web3 hubs or launched their own WEb3 projects.