Huobi Tests NFT Marketplace to Advance GameFi and Metaverse Strategy

Huobi Group, a company operating one of the world’s largest cryptocurrency exchanges, is launching its own non-fungible token (NFT) marke...

Huobi Group, a company operating one of the world’s largest cryptocurrency exchanges, is launching its own non-fungible token (NFT) market, following in the steps of other major crypto exchanges.

Huobi launched a trial for Huobi NFT, an NFT marketplace for users to buy and trade NFT artwork and collectibles across many industries like games, art, animation. and music, the Huobi group announced on Monday.

According to the announcement, the launch marks an important step in expanding Huobi’s metaverse strategy, a concept that combines multiple technologies like virtual reality to bring a 3D virtual environment with activities like online games and others.

As part of the strategy, Huobi launched $ 10 million fund in September invest in start-up projects involved in GameFi, a mix of game-focused NFTs and decentralized funding. The NFT marketplace will also play an important role in the company’s global expansion strategy, as it adds a new asset class to its blockchain and cryptocurrency-focused product portfolio.

“Huobi has been working on projects in the GameFi and NFT markets, so the launch of the Huobi NFT market has been in the works for some time. We look forward to presenting this project to our global community,” said Jeff Mei, director of the Huobi group strategy.

The announcement did not mention whether the platform would apply Huobi’s proprietary blockchain, Huobi Chain, or the exchange’s native cryptocurrency, the Huobi token.

Huobi did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending further information.

The news comes shortly after the social media giant Facebook has officially changed the name of its company at Meta, marking its first major rebranding and growing ambitions beyond social media. Besides the big plans for the Metaverse, Facebook is also struggling to get started. its own cryptocurrency, now called Diem.

Related: Axie Infinity, Decentraland and ‘metaverse’ cryptos rally after Facebook’s name change to Meta

By testing the NFT marketplace, Huobi joins a growing race of global crypto exchanges introducing NFT platforms. Coinbase, the largest crypto exchange in the United States, announced plans to launch its own NFT platform in mid-October. Crypto exchange FTX previously presented its NFT marketplace for US customers in September.

Binance became one of the world’s first crypto exchanges to launch an NFT marketplace, launching such a platform in June 2021.