Game projects developed on blockchain-based applications are gaining more and more popularity every day. In particular, Klaytn (KLAY), which draws attention with its focus on such applications, performs quite successfully in this field.
Along with its investments in the gaming industry, Klaytn (KLAY) has an algorithm that is open to improvements on the metaverse. The developers, who support all applications in the ecosystem in every aspect, state that they meet the infrastructure that will be needed, especially for game development, in the best way.
What is Klaytn (KLAY)?
Klaytn (KLAY), which was introduced to the market in 2019, is seen as an open-source blockchain. The project, which focuses on the gaming industry and metaverse, supports the development of many applications in this area.
The commercial leg of the Klaytn (KLAY) project is run by a non-profit association founded in 2021. Likewise, all marketing and cooperation activities related to the project are carried out under the association’s control.
Klaytn Is Known for Supporting Developers
The Klaytn (KLAY) ecosystem is not just focused on the end-user. At the same time, a very extensive library is provided for new game developers who want to be involved in this field and for companies that do not have enough knowledge of blockchain-based applications.
Klaytn (KLAY) offers everything in detail, from ready-made smart contract applications to the infrastructure needed to create a metaverse area in its library. It is known that the number of games included in the ecosystem has increased thanks to these training and infrastructure documents.
The ecosystem, which uses proof-of-stake and proof-of-work verification mechanisms together, ensures that all transfers are completed at the highest speeds. In addition, the accuracy of transactions is guaranteed with the security measures added to the algorithm.
Klaytn (KLAY) claims that any activity in the game will take just a second. As a result, the NFTs acquired in existing games within the ecosystem may be generated and sent to the owner almost instantly.
Advantages and Disadvantages
The Klaytn (KLAY) ecosystem stands out with some of its advantages to its investors and developers. Although it works in an area where competition is relatively high, it is preferred because of its benefits. Some of the pluses of the ecosystem are as follows;
- Strong technical support: The project attracts attention, especially with the support it provides for new applications and games. There is an extensive library and training platform for developers.
- Advanced decentralized management: Unlike its competitors, Klaytn DAO management seeks advice from companies, investors, and experts in many fields. In this way, it is ensured that the community can make much more accurate decisions.
- Play-to-earn mechanics: The ecosystem has a highly optimized algorithm for P2E mechanics. This algorithm allows players to access rewards faster and at lower costs.
It should also be noted that the ecosystem has its disadvantages. Some investors, evaluating these cons of Klaytn (KLAY), take a hesitant approach. The prominent cons of the project are as follows;
- Low market share: Although the ecosystem is focused on the metaverse and GameFi, most of the existing applications operate on different networks. Therefore, Klaytn’s market share is relatively low.
- Operates where competition is strong: The gaming and metaverse space is getting increasingly popular in blockchain technologies. This situation causes serious competition between ecosystems.
- Low investor confidence: KLAY token has been severely affected by market movements in the crypto markets in 2022. This has led to confusion over the financial stability of the token.
Klaytn Develops a New Blockchain Network In China
South Korean company Kakao, the developer of the Klaytn (KLAY) ecosystem, said in a recent press release that KLAY will be included in the Chinese market.
Kakao, which will cooperate with BSN, one of China’s state-backed blockchain companies, will develop an ecosystem for BSN that can be used in the domestic market. This network, based on the Klaytn (KLAY) ecosystem, is expected to increase the number of users significantly.
Klaytn (KLAY) Expands Metaverse Network
Klaytn (KLAY), which is very active in the South Korean market, especially plans to expand the metaverse world of the ecosystem. In this direction, KLAY, which supports five game projects in South Korea, plans to gain the attention of its investors with new communities that will be included in the ecosystem.
As a result of these partnerships, it is estimated that at least 100 games will be included in the ecosystem by the end of 2022.
