Huobi enters the NFT market to advance GameFi and its Metaverse strategy

Huobi group, the company that operates one of the largest crypto exchanges in the world, launches its own non-fungible token market (NFT), following in the footsteps of other major cryptocurrency exchanges.

Huobi has started the Huobi NFT trial version, an NFT marketplace that enables users to buy and trade collectable NFT tokens and artwork in a wide variety of industries, including games, art, animation and music, the Huobi Group announced on Monday.

According to the announcement, The launch marks a milestone in the expansion of Huobi’s Metaverse strategy, a concept that combines multiple technologies such as virtual reality to offer a 3D virtual environment with activities such as online gaming and others.

Huobi enters the NFT market to advance GameFi and its Metaverse strategy
Huobi enters the NFT market to advance GameFi and its Metaverse strategy

As part of the strategy, Huobi launched a $ 10 million fund in September to invest in early-stage projects related to GameFi, a mix of video game-focused NFTs and decentralized funding.. The NFT market will also play an important role in the company’s global expansion strategy as it adds a new asset class to its product portfolio with a focus on blockchain and cryptocurrencies.

“Huobi is working on projects in the GameFi and NFT markets, so the Huobi NFT launch has been underway for some time. We look forward to introducing this project to our global community.”said Jeff Mei, Huobi Group’s chief strategy officer.

The announcement made no mention of whether the platform would use Huobi’s own blockchain technology, Huobi Chain, or the exchange’s native cryptocurrency, Huobi Token (HT).

Huobi did not immediately respond to Cointelegraph’s request for comment. This article will be updated until new information is available.

The news comes shortly after Facebook officially changed its company name to Meta., marks its first major rebranding and expands its ambitions beyond social media. Aside from the extensive plans for your Metaverse, Facebook also struggled to launch its own cryptocurrency, now called Diem.

When testing the NFT market Huobi is joining a growing race for global crypto exchanges to adopt NFT platforms. Coinbase, the largest cryptocurrency exchange in the US, announced the launch of its own NFT platform in mid-October. The FTX crypto exchange previously launched its NFT market for US customers in September.

Binance was one of the world’s first cryptocurrency exchanges to introduce an NFT market, this platform will start in June 2021.

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