Huobi Group, which operates one of the world’s largest cryptocurrency exchanges, is launching its own marketplace for non-forgeable tokens (NFT), following in the footsteps of other major cryptocurrency exchanges.
Huobi Group announced on Monday that it has launched a trial of Huobi NFT, an NFT marketplace that allows users to buy and trade NFT artwork and collectibles across numerous sectors, such as gaming, art, animation and music.
According to the announcement, the launch marks a milestone in the extension of Huobi’s metaverse strategy, a concept that combines multiple technologies, such as virtual reality, to bring a 3D virtual environment featuring activities such as online gaming.
As part of the strategy, Huobi launched a $10 million fund in September to invest in early-stage projects participating in GameFi, a hybrid of gaming-focused NFT and decentralized finance.The NFT marketplace will also play an important role in the company’s global expansion strategy as it adds to its blockchain and cryptocurrency-focused portfolio with a new asset class.
“Huobi has been working on projects for GameFi and the NFT Marketplace, 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,” noted Jeff Mei, Huobi’s Director of Group Strategy.
The announcement did not mention whether the platform would apply Huobi’s proprietary blockchain, Huobi Chain, or the exchange’s native cryptocurrency, Huobi token (HT).
The news comes shortly after social media giant Facebook officially changed its company name to Meta, marking its first major rebranding and adding ambitions beyond social media. In addition to its extensive metaspace program, Facebook has also been working on launching its own cryptocurrency, now named Diem.
In trialing the NFT marketplace, Huobi joins a growing race to introduce the NFT platform to cryptocurrency exchanges around the world. Coinbase, the largest cryptocurrency exchange in the US, announced plans to launch its own NFT platform in mid-October. Cryptocurrency exchange FTX previously launched its NFT marketplace for U.S. customers in September.
Binance became one of the first cryptocurrency exchanges in the world to launch an NFT marketplace, debuting such a platform in June 2021.