KuCoin Plans to Launch Non-Fungible Token Exchange: Report

KuCoin Plans to Launch Non-Fungible Token Exchange

KuCoin , a Seychelles-based cryptocurrency exchange, has announced that a new non-fungible token exchange (NFT), will be launched. NFTs can be used in a variety of areas, including art and GameFi. They are unique tokens that can be ‘collected’. KuCoin published an announcement stating that the NFT exchange platform would be fully operational in the “next few months.”

The announcement stated that KuCoin’s support for NFT assets deposit and withdrawal indicates that NFTs will soon be in the centralized trading platform for distribution.

Some features of the exchange may be available as soon as November 16th. The announcement stated that the liquidity trading platform Pool-X would open the Dego.Finance NFT asset deposit service.

KuCoin stated that the platform was created with the intent to “become a significant channel for the popularization and improvement of NFT liquidity.”

Johnny Lyu, the Chief Executive of KuCoin, stated in a statement, that KuCoin is focused on the NFT market.

He said that NFTs do not have enough market attention, but the potential for them is huge. It has many applications in insurance, bonds and options, as well as other fields. It can even create virtual worlds on the blockchain.

Is the NFT Space a Potential Growth Opportunity?

KuCoin seems to be trying to position itself as an ‘early mover in the NFT space’.

KuCoin was announced as the first major crypto platform that supports the withdrawal and deposit of NFT assets.

There is also evidence that the NFT market is growing. According to data, the NFT transaction volume saw a 300% increase year-over-year through the first half 2020. This brings the mid-year total at $230 million. The space saw an increase in active users of 5.7% to 78,881 over the same period.

Finance Magnates reported that KuCoin and DigitalBits partnered for the development of their enterprise currency desk (ECD) earlier in the year. The ECD solution was described by Finance Magnates as a’spin-off’ of the traditional OTC desks and will be available to enterprise clients.