South Korea’s Maekyung Media Group has joined hands with Klaytn, a blockchain platform led by Kakao Corp., to spur digital innovation in the media industry through blockchain and virtual asset systems.

Klaytn is a blockchain platform developed by Ground X, the blockchain subsidiary of Korea’s largest messaging firm Kakao Corp. It seeks to offer an easy blockchain platform for users based on the success of its messaging platform. Klaytn allows users to exchange its virtual currency Klay through crypto wallet service Klip on KakaoTalk and use non-fungible token (NFT)-based service such as Klip Drops.

Klaytn Governance Council, operator of Klaytn, is joined by Kakao subsidiaries Kakao and Kakao Entertainment, Kakao Games, Kakao Pay, and Kakao Space, as well as other big local companies LG Electronics, SK Networks, Hanwha Systems, GS Shop, Shinhan Bank, and Celltrion. Foreign firms Worldpay and Everrich Group, as well as blockchain experts Hashed Labs and MakerDAO are also its members.

Under the latest partnership, Maekyung Media Group will join Klaytn Governance Council as decision making entity. It will present ideas as a media group to contribute to the Klaytn ecosystem, upgrade overall blockchain-based media, and lead innovation.

Maekyung Media Group is already an active participant in applying blockchain technology to its service. The group has applied NFT and virtual currency technologies to the metaverse ecosystem during this year’s World Knowledge Forum, Asia’s largest annual business forum hosted by Maekyung Media Group.

The forum – which took place in hybrid form in both online and offline amid Covid-19 environment this year – offered a metaverse space where young participants joined special sessions with their own avatars and secured Klay and NFT certification badge.

The project was considered a new media approach that links metaverse, NFT, and blockchain technologies. This year’s World Knowledge Forum had over 2.37 million views on social platforms YouTube, Tiktok, and Twitter.

Maekyung Media Group is also engaged in new experiments in NFT sector. The group was the first in the media industry to issue a reader-participant NFT through Maekyung Economy, as well as make and publish a certification badge for World Knowledge Forum participants with Klaytn-based NFT.

It also was first among local media players to join Klaytn’s corporate-use NFT service Klip Partners. NFT issued through Klip Partners is directly sent to Kakao Talk’s digital wallet Klip.

Maekyung Media Group, in partnership with Klaytn Governance Council, plans to further seek shift toward becoming an innovative digital media by actively incorporating new digital media formats such as creating short-form videos that are acknowledged of their copyrights through NFT and blockchain technologies.

Blockchain is an advanced technology but has a high entry barrier, noted an unnamed official from Maekyung Media Group. With the already secured the extensive reader base of existing media, blockchain technology will help Maekyung Media Group present new direction in Korea’s media digital innovation through various experiments on virtual world based on blockchain technology, the official added.

By Kim Yong-young and Lee Eun-joo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]