NFT (non-fungible token) has gained a lot of traction in the last few months among crypto enthusiasts, musicians, artists, celebrities, and cryptopreneurs. Recently, Twitter CEO Jack Dorsey sold his first tweet as an NFT for just over $2.9 million and a crypto enthusiast Vignesh Sundaresan (code name Metakovan) bought a digital art created by an artist Beeple named “Everyday: The First 5000 Days” in a whopping $69.3 million bid.
Around 100,000 NFT art pieces, worth a combined $180 million, were sold worldwide as of early March, according to crypto data provider CryptoArt.
NFTs are now considered a very prominent use case of blockchain and cryptocurrencies enabling artists, musicians to create a unique digital form of their artwork that can be sold online keeping the original footprint always attached to it that can’t be replaced with something else. Making it unique.
Also see – Top 5 NFT marketplace you must know in 2021
Korbit, the top most crypto exchange in South Korea has launched South Korea’s first NFT marketplace enabling NFT creators and investors in the region to participate in the NFT ecosystem.
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
All transactions related to NFT on the Korbit platform will be carried out via the Ethereum blockchain despite the huge gas fee.
The NFT marketplace launch comes a week after popular South Korean social gaming platform, GameTalkTalk, announced it would use blockchain platform Enjin to produce low-carbon NFTs.
South Korea’s crypto ecosystem is currently under regulatory radars and exchanges are required to register as virtual asset service providers as a measure designed to enable the state to determine the legality of their operations and to crack down on money laundering and fraud.