Kakao VX Withdrawing from NFT Business

IconCryptoNewsTerminal Staff15 Aug, 2024

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Kakao VX Withdrawing from NFT Business

Kakao VX, a subsidiary of South Korean company Kakao, has announced that it will be withdrawing from the non-fungible token (NFT) business within the year. This decision aligns with Kakao's shift towards focusing on its core businesses. The move comes as part of a wider strategy by Kakao to reduce its number of subsidiaries. In the first half of 2023, the company reduced its subsidiaries by 6, bringing the total to 169. This streamlining effort is intended to enhance efficiency and focus on strategic initiatives. Kakao VX's withdrawal from the NFT market signals a potential shift in the NFT landscape in South Korea. The company's departure comes amid broader market uncertainty and regulatory scrutiny surrounding NFTs. It remains to be seen how other players in the South Korean NFT market will respond to this development.

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