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South Korean crypto project offers a unique deal to gaming firms

South Korea
South Korea

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The crypto industry has seen a growing rate of adoption despite the market crashes, especially in East Asia. The adoption is growing to the point where crypto projects are rapidly seeking partners, while non-crypto companies are quite interested in various offers. One local crypto project, Klaytn, recently came up with a deal that it offered to game companies in the country, claiming that it will offset gas fees and contract fees for any gaming firm that launches its products on Klaytn’s platform.

The project revealed this idea during the ongoing Token 2049 conference that is taking place in Singapore, explaining that gas fees on networks such as Ethereum have been preventing users from joining blockchains that have great potential. Fees on Ethereum have reached massive heights, sometimes going over $3,000 per transaction during the worst periods of network congestion.

Obviously, these prices make the chain practically useless to most users who cannot afford such high prices. Klaytn now hopes to offer an alternative that would remove this crucial pain point, especially for blockchain games. In doing so, it hopes to onboard new users, and become a go-to blockchain for gaming in this part of the world.

Not only that, but the feature will also allow games to attract new players by removing the need to acquire tokens to pay for gas fees before even being able to start the games.

How does the program work?

The rebate program is quite simple — selected game firms will be eligible for a 100% offset of all transaction fees. Not only from this moment onwards, but from the start of this year. Companies will be covered with $100,000 in KLAY tokens per month. For now, the companies that were selected already remain unknown, as neither Klaytn nor the firms themselves revealed who got the deal.

What is known, however, is that Klaytn’s new grant came from the project’s Growth Fund. This is a fund created for making investments into companies built on Klaytn blockchain. Previously, around $20 million from the fund went into blockchain research at various universities across Asia, which was a sensible investment. After all, Asian countries have shown a great deal of interest in blockchain technology. So, with that being the case, it makes sense to provide them with courses and proper education on the matter.

Klayton locks more than $324 million in cryptocurrency value on its chain, and KLAY currently has a market cap of nearly $600 million. Of course, the project still suffered a price decline, just like the rest of the crypto industry, due to the ongoing bear market.

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