Huobi Testing NFT Market to Promote GameFi and Metaverse Strategy

Huobi Group, the company that operates one of the world’s largest cryptocurrency exchanges, is launching its own non-fungible token (NFT) market, following the lead of other major cryptocurrency exchanges. Huobi previously launched a $ 10 million fund to invest in projects focused on GameFi, a sector where the concepts of gaming NFT and DeFi are implemented.

Huobi has launched a test version of Huobi NFT, an NFT marketplace that allows users to buy and sell NFT art and collectibles in various sectors such as games, art, animation and music, Huobi Group announced on Monday. According to a Huobi spokesman, the platform was named “Deep Suns”.

According to the announcement, the launch marks a milestone in expanding Huobi’s metaverse strategy, a concept that combines multiple technologies, including virtual reality, to create a 3D virtual environment that includes activities such as online gaming and entertainment.

As part of its strategy, Huobi launched a $ 10 million fund in September to invest in early-stage projects related to GameFi, a combination of game-focused NFTs and decentralized funding. The NFT marketplace will also play a large role in the company’s global expansion strategy as it adds a new asset class to its portfolio of blockchain and cryptocurrency-focused products.

“Huobi is working on projects in the GameFi and NFT markets, so the launch of the Huobi NFT marketplace has been in development for some time. We look forward to presenting this project to our global community, ”said Jeff May, Chief Strategy Officer for Huobi Group.

A representative from Huobi Group announced that Huobi NFT platform is being tested on Huobi Eco Chain, also known as HECO, a decentralized public network. The NFT platform is not integrated with the exchange’s own cryptocurrency, Huobi token.

Since Heco is compatible with the Ethereum virtual machine, the platform can potentially be integrated with other NFT markets that run on the Ethereum blockchain. A Huobi spokesperson added that the company has no concrete plans on this yet.

The news comes shortly after social media giant Facebook officially changed its company name to Meta, marking its first major rebranding and increasing ambition outside of social media. Aside from its ambitious plans for its metaverse, Facebook is also struggling to launch its own cryptocurrency, now called Diem.

By testing the NFT market, Huobi joins the growing race of global crypto exchanges representing NFT platforms. Coinbase, the largest crypto exchange in the US, has announced plans to launch its own NFT platform in mid-October. Prior to that, in September, the FTX.US crypto exchange introduced its NFT trading platform for US clients.

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