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Kakao and LINE are preparing to launch the Kaia Blockchain Platform in the Philippines
Kakao from South Korea and LINE from Japan are preparing to introduce a new blockchain platform called Kaia in the Philippines in the coming months, capitalizing on the country’s growing interest in Web3 gaming. Kaia was born from the merger of Kakao’s Klaytn and LINE Tech Plus’ Finschia, with the aim of capitalizing on the growing popularity of blockchain technologies in the region.
Web3, the third iteration of the World Wide Web, empowers users by granting greater ownership over their digital assets, including cryptocurrencies and digital collectibles such as non-fungible tokens (NFTs). This shift towards decentralized ownership aligns with Kaia’s strategic goals.
During the launch event, a representative from the Klaytn Foundation highlighted that gaming is a significant component of the Philippines’ Web3 landscape. The foundation aims to establish a strong presence in the country by introducing games and collaborating with local gaming teams. While the gaming industry is the primary focus, there are plans to explore other use cases for blockchain technology in the Philippines in the long term.
The Philippines ranked fourth globally in financial technology platform Finder’s NFT Gaming Adoption Report 2022, with one in four Filipinos having engaged in play-to-earn (P2E) NFT games like Axie Infinity. This high level of engagement indicates a receptive market for Kaia’s offerings.
Different applications and partnerships
Kaia boasts over 420 decentralized applications (DApps), which are programs running on a blockchain or peer-to-peer computer network. The platform also announced the release of Infinite Shooting and four other games in collaboration with 3KDS, along with Another World’s Web3-based arcade games. These diverse applications aim to attract a broad audience and improve user engagement within the Kaia ecosystem.
The foundation representative expressed his desire to collaborate with the government, financial institutions, game developers and other DApp creators to foster an environment conducive to blockchain innovation. This approach underlines Kaia’s commitment to building a robust and inclusive blockchain ecosystem in the Philippines.
Overcoming challenges in cryptocurrency adoption
Despite the promising outlook, there are challenges to the widespread adoption of cryptocurrency in the Philippines. A senior campaign manager at Coins.ph pointed out that there is still a widespread perception among Filipinos that cryptocurrency is a scam, largely due to a lack of education. However, he noted that the cryptocurrency landscape in the Philippines is progressing well compared to other Western countries, although it remains in its early stages.
The Kaia team envisions a future where Web3 achieves mass adoption, recognizing that while many cryptocurrency enthusiasts and traders are already on board, broader acceptance among the general population is still a work in progress. Their strategic partnerships with organizations such as Yield Guild Games, a gaming guild that coordinates players to earn cryptocurrency-based rewards in P2E games, and virtual currency provider Coins.ph, reflect their commitment to overcoming these challenges and promoting a broader understanding of blockchain technology.
Future prospects for Kaia in the Philippines
As Kaia prepares for its launch, the platform’s multi-faceted strategy includes leveraging existing interest in NFT gaming, collaborating with key stakeholders, and eliminating educational gaps in cryptocurrency understanding. This comprehensive approach aims to ensure that Kaia not only gains traction among current cryptocurrency enthusiasts, but also reaches new users who are less familiar with blockchain technology.
By focusing on both immediate and long-term goals, Kaia is poised to play a significant role in the Philippines’ evolving digital landscape. The platform’s ability to integrate with local gaming culture and its commitment to education and collaboration suggest a promising future for Web3 adoption in the region. As Kaia continues to develop and expand its offering, it has the potential to set new benchmarks for blockchain platforms in Southeast Asia, driving innovation and growth in the digital economy.