Crypto exchange Korbit launches NFT marketplace in South Korea

NFTs • June 1, 2021, 8:06AM EDT
UPDATED: June 1, 2021, 8:08AM EDT
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South Korean crypto exchange Korbit has launched a non-fungible token (NFT) marketplace, enabling NFT creators and investors in the region to participate in the NFT ecosystem. Korbit claims this will be the first NFT marketplace in South Korea.

“The local NFT market is still in a fledgling stage, compared to global ones, and the Korbit platform will help create synergy between the blockchain ecosystem and various sectors, including art, visual media and gaming,” Korbit CEO Oh Se-jin said. 

According to Korbit, all transactions will be carried out via the Ethereum blockchain. That's despite a significant amount of the NFT market moving to high-throughput blockchains such as Flow (home of NBA Top Shot).

After peaking in February, the NFT market has been steadily decreasing in recent weeks. According to The Block's Data Dashboard, NFT trade volume, number of users and transactions have seen significant declines.

The launch comes a week after popular South Korean social gaming platform, GameTalkTalk, announced it would use blockchain platform Enjin to produce low-carbon NFTs. 

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Saniya More profile picture Saniya More

Saniya More (pronounced: Saan-ya Mo-ray) is a quadrilingual journalist at The Block. She got her master’s degree from the Columbia University Graduate School of Journalism and did her undergraduate degree at the S.I. Newhouse School of Public Communications, Syracuse University. Her work has appeared in CBS News, Bangkok Post, Thai Enquirer, Globalists, Byline Times and other publications. When she’s not chasing a story, you will most likely find her biking, tweeting, taking photos or creating Spotify playlists for every occasion.

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