Banko Provides NFT Market for Ministry of Science and ICT Metaverse Platform

[Asia Economy Reporter Myunghwan Lee] Banko announced on the 29th that it is developing a metaverse platform service while simultaneously providing a non-fungible token (NFT) marketplace linked to the metaverse.

Earlier, Banko was selected as a business operator on the 21st for the "2022 Metaverse Platform Development Support Project" promoted by the Ministry of Science and ICT and the Radio Promotion Association (RAPA).

Banko, which operates the cryptocurrency exchange Borabit, is developing an NFT marketplace by leveraging its blockchain technology expertise. The marketplace is explained to be more easily accessible through the metaverse.

Local small business owners will also be able to issue cultural content, including local specialties, as NFTs. Banko explained that through this, small business owners using the metaverse will create new added value and secure a foundation to revitalize local tourism.

Initially, according to Banko officials, many companies with development technology could not participate because the NFT marketplace required qualification as a virtual asset operator under the Financial Services Commission depending on the development method. A Banko official stated, "Borabit exchange has completed the registration as a virtual asset operator with the Financial Services Commission, enabling us to develop and provide an NFT marketplace for this metaverse project."