- Korbit crypto exchange launched a new NFT marketplace.
- The marketplace is the first of its kind in South Korea.
- The launch comes hot on the heels of India’s recently launched NFT marketplace.
Korbit crypto exchange has launched South Korea’s first non-fungible token (NFT) marketplace. Notably, the new marketplace will be part of the largest NFT network on the Ethereum blockchain.
Korbit CEO Oh Se-jin noted,
“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.”
With a local NFT marketplace, local creators and investors will now be able to leverage the unique opportunities provided by NFTs.
Prior to this, WazirX crypto exchange launched India’s first NFT marketplace earlier this week. The WazirX NFT marketplace is the first of its kind in India and the whole of southeast Asia. As such, the two developments occurring so close to each other is proof that NFT adoption is growing at a fast pace.
In addition, as a relatively new asset class, NFT use cases are still being explored. For instance, loyalty rewards platform, Womplay, is in the process of adding NFT rewards. Once completed, Womplay will begin rewarding gamers with NFTs. Also, the platform will create exclusive features that can only be unlocked using NFTs.
Meanwhile, the South Korean crypto market is thriving despite continued regulatory uncertainty. Recently, one of the presidential candidates and Gyeonggi Province Governor Lee Jae-Myung proposed pushing back the crypto tax by a year.