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The NFT market opens cryptocurrency gates to Korea’s billion dollar gaming industry

June 8, 2020

Korean blockchain gaming company PlayDapp has launched a market for non-expendable tokens (NFT) that offers Korea’s multi-billion dollar gaming industry a native gateway to digital assets.

The new platform “PlayDapp MarketPLAce” announced on June 8th announces itself as Free support for currency-to-currency trading between NFT-based game elements.

Koh Kwang-Wook, founding member and former CTO of Item Bay, one of the first online broker platforms for in-game items, led the development of the PlayDapp market.

Korean NFT market is targeting gaming industry

The NFT market opens cryptocurrency gates to Korea’s billion dollar gaming industryThe NFT market opens cryptocurrency gates to Korea’s billion dollar gaming industry

To begin with, the platform supports elements of collection games that are supported by Ethereum, CryptoDozer and DozerBird.

In the last 24 hours, the games have attracted 201 users or 30 users.

CryptoDozer had a trading volume of $ 610 with over 2,132 weekly transactions, while DozerBird had a volume of less than $ 12 with over 277 transactions.

The Korean gaming industry is the fourth largest in the world at KRW 14.3 million (USD 12.1 billion) in 2018. The Korean gaming sector has grown by an annual average of over seven percent over the past decade.

Earlier this year, Korean-based blockchain game developer SuperTree announced that it had attracted $ 2.5 million in Series A investments, including its stake in SBI Investment Korea.

NFT markets are multiplying

The growth of games with NFT technology and “multiverse” has triggered the introduction of a number of new NFT markets.

In March, Winklevoss’ own platform Nifty became the first US-based exchange for NFT trading. Despite the fact that Nifty had announced that it was adopting a “slow and deliberate” approach to token support, a limited edition surprise rally by CryptoKitties resulted in the platform experience being discontinued last month.

Tokyo-based startup Yiedl, a peer-to-peer market for NFT rents and mortgages, also started in May.