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Crypto Exchange Korbit Launches South Korea's First NFT Marketplace

All transactions on the platform will be carried out in ethereum.

Updated Sep 14, 2021, 1:04 p.m. Published Jun 1, 2021, 9:58 a.m.

South Korean crypto exchange Korbit has launched a non-fungible token (NFT) trading platform.

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The NFT marketplace will be South Korea's first, according to an announcement by the company Monday.
NFT creators will be able to auction their digital assets on Korbit's website, according to a report by Korea Herald.
All transactions on the platform will be carried out using ethereum.
“The local NFT market is still in a fledgling stage, compared to global ones, and the Korbit platform will help create synergy between the blockchain ecosystem and various sectors, including art, visual media and gaming,” Korbit CEO Oh Se-jin said.
South Korea's crypto ecosystem is surrounded by regulatory clouds at present, with exchanges required to register as virtual asset service providers, a measure designed to enable the state to determine the legality of their operations and to crack down on money laundering and fraud.