The hype surrounding game assets and crypto art doesn’t go unnoticed as cryptocurrency exchange Kucoin is opening an NFT exchange service. The platform’s liquidity trading platform PoolX opens a deposit service today for NFT assets from Dego.Finance. Withdrawals will be possible from Friday November 20th.
They consider non-fungible tokens or NFTs the next trend in the blockchain space. That’s why Kucoin wants to make an NFT exchange. In the first half of 2020 the transaction volume for NFTs soared to 230 million dollars, which was a 300 percent increase with last year.
The move by Kucoin doesn’t come as a surprise, as the exchange isn’t the first to explore the world of non-fungible tokens. Binance has been dipping its toes in the NFT market for some time as well. They’ve distributed collectibles and partnered with The Sandbox on a land sale and unique cyborg characters that players can use in the game. However, they don’t have a trading platform for non-fungible tokens (NFTs) yet.
“KuCoin is paying close attention to the NFT market. Although NFTs don’t have enough market attention at present, the potential is great. Moreover, it has many application scenarios in insurance, bonds, options and other fields. It can even create a virtual real world on the blockchain. So, we launched the NFT Trading Board to facilitate users’ participation in investing NFT. And we donated 100,000 KCS to Dego.Finance to help its development. In the future, we will do more to solve the problems encountered in the NFT field and to build a prosperous NFT world.”Johnny Lyu, CEO of Kucoin Global