Bithumb, a South Korean crypto exchange, is working on an NFT platform with “a major enterprise,” which is believed to be LG CNS, an LG Corporation unit.
In an interview on Jan 13, Bithumb CEO Back Young Heo stated that the company was working on a non-fungible token platform, which would help it compete with Korbit and Upbit, two other domestic Korean platforms.
There is no validation other than the ID of the content creators or artists who have agreed to submit work in the NFT format for Bithumb.
Several South Korean media outlets have stated that the NFT marketplace is being built in partnership with LG CNS, however a Bithumb official said on January 17 that “it is impossible to confirm whether it is LG CNS and whether it is simply them or a group of companies.”
“An NFT marketplace will be important in promoting blockchain-based content, which will become a driving force in the future.”
Bithumb is now ranked second among Korean exchanges in terms of volume of buying and selling. However, it is a close second to Upbit, which has a 24-hour buying and selling volume of $1.7 billion, compared to Bithumb’s $730 million.
Upbit debuted its own NFT marketplace with hype in November 2021, after securing a number of k-pop groups, including BTS, to agree to develop exclusive NFT content.
In June 2021, the Korbit crypto exchange, owned by gaming giant Nexon, became the first in South Korea to open an NFT marketplace.
Korbit is Korea’s fourth-largest cryptocurrency exchange, with a 24-hour buying and selling volume of around $7 million.
While foreign NFT merchants prefer to mine and sell on-chain on OpenSea, Korean merchants prefer to stick with regulated platforms.
Despite being built in South Korea and being one of only three platforms with native support on OpenSea, the Klaytn blockchain has trailed behind Polygon and Ethereum-based marketplaces in terms of buying and selling volume.
To read our blog on “Sons of Singapore tycoons team up to launch an NFT club,” click here.
