Huobi Group, the oldest and prominent cryptocurrency company, is now following Binance, Coinbase, and FTX by venturing into the burgeoning space of non-fungible token (NFT) with a trial launch of its NFT marketplace Huobi NFT.
In a press release on Monday, November 1, Huobi Group announced the launch of Huobi NFT, a non-fungible token (NFT) marketplace, enabling users to purchase NFT artwork, collectibles, and other digital items.
According to Huobi Group, the launch of its NFT marketplace is a step further to in its global and Metaverse expansion strategy. Huobi’s NFT project will not only be a marketplace to but and sell NFTs but will also provide investments and project incubation.
Huobi Group outlines three main features for Huobi NFT that include support for numerous sectors and partners, tailored for local markets, Support of Huobi Group ecosystem. The company said that its NFT marketplace would be home to a variety of NFTs, including games, art, animation, music, and something more special from top celebrities, artists, singers, and other intellectual properties.
This NFT marketplace is designed to tailor the user experience and curate offerings based on the trends and preferences of each market and will have substantial support and resources through the backing of Huobi Group to meet the needs of its partners and users.
The recent launch is just a trial and the schedule for the full launch isn’t announced yet, and also not many details about the prohect have been released.
The launch of Huobi NFT marks a milestone in the extension of Huobi’s metaverse strategy. Before this, Huobi Ventures, the global investment arm of Huobi Group, as part of its metaverse launched a $10 million fund to invest in emerging GameFi, a mix of gaming-focused NFTs and DeFi, projects around the world.
Jeff Mei, Director of Strategy at Huobi Group, commented:
“Huobi has been working on projects in the GameFi (DeFi and gaming) and NFT markets, so the launch of the Huobi NFT marketplace has been in the works for some time. We look forward to introducing this project to our global community.”
According to NonFungible’s Q3 report, NFT sales were over $6 billion in Q3 of 2021. Although NFTs are growing faster than one might imagine, many believe these few billions are very little given their overall future potential.
Realizing this future potential, investors and VCs are investing huge money in NFT startups. Centralized cryptocurrency exchanges are also moving forward with their NFT projects. As reported FTX, Binance, and Coinbase have already launched their NFT marketplaces.
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