Korbit Launches Korea's First NFT Market in the Industry

[Asia Economy Reporter Gong Byung-sun] Korea's cryptocurrency exchange Korbit has launched the industry's first Non-Fungible Token (NFT) marketplace.

On the 31st, Korbit announced the launch of an NFT marketplace platform that connects NFT creators and buyers. NFTs are a technology that uses blockchain to assign unique identifiers to each piece of content and have recently gained attention in the art market.

In the NFT marketplace, NFT creators can register their works under the NFT Market menu on Korbit's website, and customers can purchase the works through a bidding process. Payments can be made using Ethereum.

Korbit stated, "Many companies related to intellectual property rights (IP), including domestic media commerce companies, game companies, and content platforms, are sending love calls to Korbit regarding NFTs," adding, "Discussions about entering the marketplace are currently underway." It is expected that companies feeling limitations in utilizing IP will distribute IP in various ways through NFTs.

To commemorate the launch of the NFT marketplace, Korbit plans to offer fee benefits to discover content creators and revitalize the distribution environment. According to Korbit's internal screening criteria, when creators post NFT works, Korbit will cover all costs required to pay the Ethereum network. Additionally, buyers will not be charged any fees payable to Korbit when winning bids on works.

Sejin Oh, CEO of Korbit, said, "Compared to the overseas NFT market, which is active, the domestic market is still at a beginner level," and added, "We expect Korbit to create synergy in the blockchain ecosystem by discovering new business models beyond transaction fees."