The joint venture (VC) PlaceA, established by artificial intelligence company Alchera and Naver subsidiary Snow, announced on the 2nd that it will change its name to “Pala” and start targeting the global blockchain and irreplaceable token (NFT) market in earnest.

According to the company, the change in mission contains Pala’s ambition to build a global blockchain and NFT market user-centered web3 ecosystem in the existing AI technology-based service platform.

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Pala plans to reproduce the Web3 service in a blockchain environment, which creates value by users directly participating from Depi (Decentralized Finance) to NFT markets and social communities.

In November last year, Pala “sold out” Clayton-based NFT project “Alap: The Lost Pioneers” in 35 minutes of minting, and also introduced the “Pala DEX” service, “Pala Decentralized Exchange.” Palladex collected $161.66 million worth of total value locked (TVL) in three months, the company stressed that it was the No. 1 TVL increase (129% increase) in February based on the global defi-related data site DefiLama.

In order to provide an easy and convenient investment experience in a decentralized financial environment, PalaVault, an NFT tokenization platform, was also acquired by DEX aggregator “Bluewhale Protocol” based on Clayton in February this year and will be released in the first quarter.

Pala added that the NFT marketplace “PalaSquare,” which was released in beta at the end of January, is a policy that sets only 1% sales fees unlike existing markets, and its cumulative transaction volume exceeded 7 billion won in just one month after its launch.

In relation to Palas Square, Pala will support brands and content creators to easily and conveniently participate in the NFT ecosystem and communicate with more public through a one-stop service that allows them to form a community from Minting (NFT issuance) to secondary transactions.

Jason Pyo, CEO of Pala, said, “We will implement a truly decentralized Pala by securing transparent crypto ecosystem operation using blockchain. Ultimately, our goal is to build a Web3 ecosystem and continue a user-friendly experience where individuals’ influence can lead to profits and maximize value.”

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