On Monday, the Huobi Group announced the company’s launching into the NFT marketplace by rolling out a trial for the Huobi NFT.
This non-fungible tokens(NFT) marketplace will help the company achieve global expansion. The introduction into the NFT marketplace adds a new asset to its blockchain and crypto-focused products portfolio.
The Huobi NFT Marketplace
The marketplace will be a place where users can buy and sell NFT collectibles and artwork. The NFTs that can be traded range from art to games to music. While making the announcement, Huobi Group director of strategy Jeff Mei mentioned the company’s excitement to introduce the fast-growing marketplace to their global community.
However, the announcement did not mention whether the platform would apply to the Huobi Chain or Huobi token(HT). Huobi token is the exchange’s native crypto, while Huobi Chain is the exchange’s proprietary blockchain.
The marketplace will have three focus features. Firstly, it will be home to a variety of non-fungible tokens. Additionally, the platform will have unique collaborations, including partnerships with singers, actors, and celebrities.
Secondly, the marketplace will tailor the user’s experience based on the preferences of each market. Lastly, the marketplace will have adequate resources and support to meet its users’ and partners’ needs.
As stated in the announcement, this launch is part of the company’s efforts in their extension into the metaverse. The company’s launch into the marketplace adds to the increasing number of global crypto that are introducing NFT platforms.
Binance was the first crypto exchange in the world to launch an NFT platform in June 2021. FTX followed suit by debuting its marketplace in September. Just recently, Coinbase, the largest crypto exchange in the US, announced the launch of their platform in mid-October.
Jeff Mei additionally mentioned, “the Huobi NFT marketplace has been in the works for some time.” Mei also said that the company has been working on GameFi projects.
Huobi’s Metaverse Strategy
Huobi’s metaverse strategy involves combining multiple technologies to create a virtual 3D environment with activities like online gaming. In September, the company launched a $10 million fund for investment in GameFi projects.
GameFi is a mixture of decentralized finance(DeFi) and gaming-focused NFTs. The GameFi projects are still in the early stages.
NFTs have to be one of the most talked-about crypto topics in 2021. As much as their marketplace is rapidly growing, few marketplaces and platforms exist in the Asia-Pacific region.
To meet this market demand, the group helped launch iBox. This marketplace helps cater to non-fungible token enthusiasts in Asia. iBox offers its users exclusive collectibles. These collectibles are a fruit of the collaborations with widely-known brands, celebrities, influencers, and artists.
More on Huobi Group
The company that started back in 2013 currently operates one of the world’s largest cryptocurrency exchanges. Some of the products and services the company offers are digital assets, wallets, digital asset research, mining pools, proprietary investments, and public blockchains.