Singapore is reportedly the next port of call for Kakao’s globalization agenda for its legacy blockchain platform Klaytn. According to a report by The Korea Herald on Monday, Kakao has established two new blockchain-based entities — the Klaytn Foundation and Krust — in the city-state. The Klaytn Foundation is a nonprofit organization, while Krust serves as a global accelerator for blockchain technology adoption.
Kakao plans to use both entities to foster broad-based penetration of its Klaytn blockchain project in Singapore. Stating its mission during the launch earlier in August, the Kakao Foundation said that it would work “proactively and systematically” to expand the Klaytn network.
“We will actively invest our human as well as financial resources in developers and businesses of the blockchain world to accelerate the growth of our ecosystem and the development of our technology,” the foundation added. The Singapore expansion is backed by Kakao’s $300-million blockchain development war chest that also includes an improvement reserve fund used for service maintenance purposes.
Tokenized property remains niche largely due to its relative novelty and remaining regulatory uncertainties. Yet a new report has noted that even if just 0.5% of the total global property market were to be tokenized in the next five years, it would be on track to become a $1.4-trillion market
In recent years, the total value of the global real estate market has hit a staggering $280 trillion, eclipsing most other major asset classes and putting it on par with the value of total global debt accrued by 2020. Moore Global, a London-born international advisory and accountancy network, has published a report collating expert opinions worldwide on the potential of tokenization for this thriving, if traditionally illiquid, asset class.
For Dan Natale, real estate and construction leader at Moore Global and a managing partner of Segal LLP in Toronto, blockchain’s key benefit to the sector is a boost to liquidity by providing an efficient, disintermediated infrastructure to underpin new secondary markets. David Walker, a managing partner at Moore Cayman who works as an auditor specializing in digital assets, has for his part claimed that the transparency and security of the technology also offer evident advantages from an auditor’s perspective.
The revolution will not be televised — it will be minted. Earlier this year, we saw the meteoric rise (and fall) of nonfungible tokens, or NFTs, in mainstream media and popular culture. We all heard about them, but was the hype real? Top businessmen and media moguls, such as Mark Cuban and Gary Vee, still strongly advocate NFT use and the role smart contracts will play in the near future, while each week new NFT exchanges and drops continue to roll out. Jay-Z’s Twitter profile picture is an NFT CryptoPunk.
With or without the buzz, one of the most powerful and overlooked impacts of NFTs is on the music industry. NFTs have the power to change the game for independent artists by providing a new way to earn an income (while connecting with fans), and this kind of change has been long overdue.
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