NFT in Blockchain in Korea

[TL; DR]

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Until recently, Korean businesses have begun to collaborate with artists, musicians, and creators to create their unique collections.

Buyers and sellers of these digital assets can now check numerous collections and transact on several NFT marketplaces via their blockchain wallets.

The popular NFT marketplaces in Korea and the world include opensea, rarible, and axie infinity.

It is advisable to invest your NFT using your Gate.io cryptocurrency wallet.

Keywords: NFT, digital asset, blockchain, cryptocurrency, Korea.


[Full Article]

Several applications exist on the blockchain network. The most popular is crypto, also called the fungible (tradeable) tokens, including BTC, ETH, USDT, etc. These kinds of tokens enable you to make transactions.

On the other hand, the close second application to crypto on the blockchain is a non-fungible token and cannot make transactions, and they are called NFT.

What is NFT?

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NFT is the acronym for “Non-fungible token.”

An NFT is a digital token that guarantees the physical or digital asset ownership.

NFTs are digital assets that cut across artworks, music, games, GIFs, and a host of other collectibles. These assets have an authentic certificate provided by blockchain technology.

The certificate makes the digital asset unique, authentic, and legal.

One vital question about NFT is creating, buying, and selling art collections. Like how you sell every other physical collection, you can transact your NFTs.

How To Transact NFTs Via Blockchain Wallet

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You can transfer ownership of NFTs primarily by exchanging them for Ethereum or another cryptocurrency via a blockchain wallet.

The image or NFT piece does not explicitly reside on the blockchain; the blockchain serves as the ledger for recording NFT and other cryptocurrency transactions.

Albeit the token refers to a file or leads to the file that contains the piece, somewhere on the internet.

An NFT collector or buyer does not have the physical item; instead, they get the digital file from the creator and become the legal owner.

NFTs are traded in many countries around the world. Transactions of NFT surpass $300 million yearly, and a large percentage is done in the Americas, with Europe and Asia behind.

NFT in Korea

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Until recently, the creation and exchange of collectibles in NFT in Korea had less engagement.

In 2021, the government announced that NFT purchases would not incur taxes. This government pronouncement saw the influx of Koreans into the NFT space.

Experts opined that retailers in Korea are using the NFT marketplace to gain a competitive advantage over their close competitors in an open field.

The earlier you adopt the digital asset transaction via a blockchain network, the better for you as a retailer.

It was widely speculated that Korean retail channels launch their art and fashion items into the NFT space via blockchain technology.

Some Korean creators are already making headway selling their NFT collections.

Some of them are the CJ Olive Networks that partnered with a blockchain company (Galaxy Metaverse).

The partnership saw the sales of one-minute animated work by Oh Chang-eun titled “Cherry Blossom Ending.”

A piece was sold for $1260, and all the 20 details got sold out in seconds.

These, among others, are some of the success stories recorded by Korean artists selling their NFT collections via blockchain technology.

The Korean media reported that the presidential candidate of the Democratic Party of Korea would be funded using cryptocurrency, and the receipts of funds will be given to donors via Non-fungible tokens.

Since art and music creators no longer need you to be present at their physical store to see and purchase their collections, where will the buying and selling occur?

That is the NFT marketplaces.

The popular NFT marketplaces in Korea

These are the most prominent NFT marketplaces in Korea.

Opensea

Opensea is a popular marketplace for NFTs in Korea and the whole world. As a creator, you set up your account and go ahead to list your collections for sale. After that, buyers and collectors get to see numerous collections and pick their choice.

Opensea currently holds over 80 million NFTs digital assets from creators across the globe. The marketplace has recorded a whopping sum of $10billion since its launch in 2017.

You can buy and sell your digital asset with over 150 different cryptocurrencies. However, ethereum remains the one token on Opensea.


Axie Infinity

Axie Infinity is another popular marketplace to exchange your NFT for cryptocurrency. The digital asset marketplace is specifically for gamers to create, buy and sell game characters. One of the popular game characters on NFT is axies.

Axie infinity has gone beyond a digital asset marketplace, and it has an online forum where gamers and game enthusiasts can interact, develop and transact NFTs.

When you play axies online games, you get rewarded with ethereum based cryptocurrencies. To start playing the games, you pay a certain fee in cryptocurrency, and you can cash out your (smooth love portion) SLPs every 14 days.

Most players classify Axie infinity as a blockchain game or play to earn NFT games.


Rarible

Rarible is an agelong marketplace for digital assets. Those who have been trading NFTs for a while started with this marketplace. Rarible allows you to mint and sells your NFT collections with ease.

Rarible is based on blockchain technology; however, to buy and sell NFTs on this marketplace, you have to use its own RARI token.

Rarible aims to connect buyers and sellers of digital assets on a single platform. To become a creator or seller on rarible is relatively easy. You visit the website, fill out a form, upload the image or art you are about to sell, and other details about the digital asset.

According to Rarible’s policy, there can only be 25 million RARI cryptocurrency tokens.

Conclusion

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The Non-fungible token has changed how art creators, musicians, gamers, and other collectors sell their collections.

You do not have to set up a physical store and wait for customers to troop in before you can get the value for your collections.

With marketplaces such as blockchain, the entire process of buying and selling can be done at ease.

You can store your NFT and other cryptocurrencies in your blockchain wallet.

In Korea, big brands such as CJ olive networks, Lotte home shopping, SSG.com, and a host of others have partnered with artists to create digital collections that cut across fashion, games, artworks, and animated GIFs.

These collections are minted into NFTs and made available for buyers on the blockchain marketplace.



Author: Valentine. A, Gate.io Researcher
*This article represents only the researcher's views and does not constitute any investment suggestions.
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