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South Korean exchange Bithumb plans NFT marketplace

 


South Korean crypto exchange Bithumb is developing an NFT marketplace with “a big company” said to be LG CNS, a subsidiary of LG Corporation. 


Bithumb CEO Heo Baek-young confirmed in an interview on Jan. 13 that the exchange is currently developing a marketplace for NFTs to compete with Korbit and Upbit, two also well-known Korean exchanges. Heo explained:


"An NFT marketplace will be important in the future to promote blockchain-based content, which will soon be a driving force."

It has not yet been announced who will be the content creators or artists who plan to publish works in NFT form for Bithumb.


Several media outlets in South Korea have reported that the NFT marketplace is being developed in partnership with tech giant LG CNS. But a senior Bithumb official said on Jan. 17, "it's not possible to confirm whether it's LG CNS and whether it's just that company or a group of companies."


Bithumb wants to remain competitive with an NFT marketplace. Bithumb currently ranks second among South Korean exchanges by trading volume. However, the exchange lags far behind Upbit, whose 24-hour trading volume totals $1.7 billion. This compares to Bithumb's $730 million.


Upbit launched its NFT marketplace in November 2021 with a big bang. Several K-pop groups including BTS have been signed for exclusive NFT content.


Crypto exchange Korbit, which also owns gaming giant Nexon, was the first exchange in South Korea to open an NFT marketplace in June 2021 . Korbit is the fourth largest crypto exchange in South Korea with a 24-hour trading volume of around $7 million.


NFT traders around the world are most likely to mint and trade on OpenSea. Korean traders tend to stay on centralized platforms. Although the Klaytn blockchain was developed in South Korea and is only one of three platforms natively supported on OpenSea, the trading volume there lags far behind the Polygon and Ethereum-based marketplaces.

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