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Crypto Mining Firm The9 to Launch NFT Platform in Q4
The Shanghai firm is the latest to enter the booming digital collectibles market.
Updated May 11, 2023, 4:12 p.m. Published Aug 30, 2021, 7:11 a.m.
Nasdaq-listed crypto mining firm The9 Limited is entering the non-fungible token (NFT) space with a “trading and community platform” to launch in the fourth quarter.
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- The platform, dubbed NFTSTAR, will feature artwork by global celebrities in sports, entertainment, art and other industries, the Shanghai-based firm said in a press release.
- A wholly owned Singapore-based subsidiary will run NFTSTAR, and The9 President Chris Shen will be the new platform’s CEO.
- The9 tapped Gagan Palrecha, former vice president of operations at Dapper Labs, to be NFTSTAR’s COO. Dapper Labs is the studio behind CryptoKitties and NBA Top Shot.
- NFTSTAR is open for pre-registration.
- NFT markets have been booming in the last two months; collection items such as Bored Ape Yacht Club and Pudgy Penguins, as well as marketplaces, have been breaking records.
- The9 was previously focused on gaming: Between 2005 and 2009, it was the only licensed operator and distributor of World of Warcraft in China.
- It pivoted into crypto mining in January, along with other Chinese companies such as 500.com, now BIT Mining.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
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