Kakao is now targeting the blockchain-based beauty content market. After announcing its entry into the blockchain market, its affiliate, Kakao Investments, made a major investment in the Cosmochain, which is developing blockchain-based services. In particular, Cosmochain will launch cosmetic social network service (SNS) application on the 20th August.
The size of the investment and the details of the collaboration are not disclosed, but the industry estimates that at least a few billion won has been invested.
A Kakao representative said, "It is true that Kakao Investments invested in the Cosmochain, but has decided not to disclose the size of the investment or collaboration."
There are some observations that Cosmochain will become the first blockchain-based service of Kakao in the future as it is a project that can attract large-scale users by combining blockchain technology into everyday life. It has already been recognized as a prospective project in the industry, as it has already investments from Kim Seo-Jun, CEO of Hashed, and Kwon Yong-Kil of Neoply.
As Kakao Investment invests in the Cosmochain, it is expected to generate synergies with COSMEE App and Kakao in the future.
The COSMEE application will reward users with ‘Cosmo Power’ for making interactions within the platform such as uploading contents or voting likes. The rewarded Cosmo Powers can be utilized to purchase products in the COSMEE marketplace or exchanged into Cosmo Coins (cryptocurrency) that can be encashed.
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