Huobi next in line to join the NFT race despite major hiccup in China

Huobi next in line to join the NFT race despite major hiccup in China

One of the largest cryptocurrency exchanges in the world, the Huobi Group is the latest to deep-dive into the ever-growing non-fungible token (NFT) pool.

The official press release read as,

“Huobi Group today announced the launch of a trial for Huobi NFT, a non-fungible token (NFT) marketplace, enabling users to purchase NFT artwork, collectibles, and other digital items. “

This development marks a significant step in the extension of Huobi’s metaverse strategy, a concept combining multiple technologies such as virtual reality to bring a 3D virtual environment featuring activities like online gaming and others.

Needless to say, the NFT marketplace will play a crucial role in Huobi’s global expansion strategy. Consider this, NFTs accounted for $2.5 billion in sales by July 2021, up from just $13.7 million in the first half of 2020. This number continues to rise with the demanding hike.

There’s more to it

Capitalizing on this “nascent, yet rapidly growing market,” Huobi’s NFT marketplace will focus on three main aspects. These are:

  • Numerous sectors and partners. Huobi’s NFT marketplace will be home to a variety of NFTs, including games, art, animation, and music. The marketplace will also partner with top celebrities, artists, singers, and other intellectual property for special collaborations.
  • Tailored for local markets. While many NFTs markets are designed to attract users from around the world, the Huobi NFT marketplace will tailor the user experience and curate offerings based on the trends and preferences of each market.
  • Support of Huobi Group ecosystem. Backed by Huobi Group’s unparalleled ecosystem and support, the Huobi NFT marketplace will have substantial support and resources to meet the needs of its partners and users.
  • Huobi Group Director of Strategy Jeff Mei expressed his optimistic narrative following this step.

    “Huobi has been working on projects in the GameFi and NFT markets, so the launch of the Huobi NFT marketplace has been in the works for some time. We look forward to introducing this project to our global community, Mei noted.”

    The aforementioned news is in-line with their strategy. Earlier in September, it launched a $10-million fund to invest in early-stage projects involved in GameFi, a mix of gaming-focused NFTs and decentralized finance.

    However, it’s not been all smooth sail throughout for the said platform. Just recently, it discontinued trading its cryptocurrency futures and other derivatives products in China.

    According to previous announcements, Huobi, China's largest exchange, will today completely shut down futures, contracts and other derivatives functions for all Chinese users. https://t.co/TNx4CvrzJ7— Wu Blockchain (@WuBlockchain) October 29, 2021

    Huobi had also issued an initial statement assuring its users that their assets will remain safe with the platform. Nevertheless, uncertainty concerning its future still sustains as “there’s no going home.”

    Source