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“I get 50 KakaoTalk clay for 5,000 won.”
On June 3, last year, posts with this title appeared in the online used trading community. It was the day that Ground X, a Kakao blockchain affiliate, launched the Kakao Talk-equipped cryptocurrency wallet’Clip’.
At that time, Ground X offered 50 clays to subscribers on a first-come, first-served basis to commemorate the release of the clip. Clay is a cryptocurrency issued by Clayton, a special purpose corporation in Kakao Singapore, and serves as a key currency in Kakao blockchain services.
Clay cannot be used in the real economy, but it can be obtained through activities on Kakao’s various online services, exchanged with friends, or cashed through cryptocurrency trading sites. The reason why clay was traded for 5,000 won in the used trading community was because it was possible to’cash out’.
Therefore, clay holders who are not familiar with cryptocurrency trading sold clay through the used trading community, and the transaction price of 1 clay was 170 won (closed on June 3 of last year, based on Gdak).
In other words, a user who converted 50 clay paid by Ground X into cash on the same day was able to convert 8950 won into cash, while an investor who purchased the clay for 5,000 won through the used trading community was able to earn a profit of about 4000 won. As a result, some investors described the 50 clay as’disaster support fund shot by Kakao’.
And more than half a year has passed. What happened to 50 clay that was traded for 8950 won?
◇The market cap of Kakao cryptocurrency’Clay’ exceeded 39 trillion won
As of 8:15 am on the 18th, Clay is trading at 3745 won, up 0.67% from the previous day on Gdak, a cryptocurrency trading site. Clay market price jumped a whopping 22 times compared to last year’s June 3rd. After receiving 50 clay last year, users who have held it up to now can convert a total of 187250 won into cash.
Previously, Ground X announced that it would issue a total of 10 billion clays in a white paper. Currently, the number of clays issued by Ground X is estimated to be 10.4 billion. Ground X CEO Han Jae-sun explained through the clubhouse recently, “Clay has set the initial issuance amount to 10 billion. Every block is issued 9.6 Kle, and about 10.4 billion is issued based on 3% of annual inflation.”
If the 10.4 billion clays generated by Ground X are simply calculated using the market price on the day, the market capitalization of clay is estimated to be about 38.94 trillion won. This is equivalent to 90% of Kakao’s market cap (43,217 trillion won) on the 17th. This is the background that the blockchain industry analyzes as “the green light has turned on for the Kakao blockchain business.”
It is an analysis that the cryptocurrency trading industry has benefited from the investment craze that is blowing in the cryptocurrency trading market and soared. In addition, the fact that Ground X is active in the’Non-Replaceable Token’ (NFT) business, which has recently become a hot topic in the blockchain industry, is fueling the bull market.
Ground X announced in February that it would issue a confirmation of non-issuance of shares in the form of an NFT through a clip. CEO Jae-seon Han said, “By verifying and verifying stock non-issuance confirmation through a digital asset wallet clip, we will greatly enhance accessibility and convenience, and safeguard it based on Clayton.” “We will work with startups and companies to put more assets on the clip, such as certificates, coupons, tickets, etc.”
As Ground X is actively engaged in business, the market reaction to Clay is also positive. An official in the domestic cryptocurrency trading industry said, “As the market price of most cryptocurrencies including bitcoin has risen, most of the altcoins (cryptocurrencies excluding bitcoin) have risen. Clay is also considered one of the stocks that benefited from this. “Kakao Coin” is referred to as’Kakao Coin’ among domestic investors, and the addition of a halo of’Kakao’ was also a major factor in the rise in the ransom price,” he said.
Meanwhile, Ground X is not promoting the listing of Clay in Korea due to the lack of domestic cryptocurrency-related systems. In September 2019, the company first listed Clay in Upbit Indonesia for 182 won (2164 Indonesian Rupiah), and has officially listed only in Southeast Asian regions such as Japan and Singapore.
Cryptocurrency trading sites (such as Gdac, Coinone, etc.) that support clay transactions in Korea were listed without consulting with Ground X, which caused friction with Ground X last year.