Huobi Group announced the launch of a trial for Huobi NFT, a non-fungible token (NFT) marketplace, enabling users to purchase NFT artwork, collectibles, and other digital items. The launch of Huobi’s NFT marketplace marks a key milestone in the expansion of its Metaverse strategy, including the recent launch of Huobi Ventures’ $10 million GameFi fund. The marketplace will play a crucial role in Huobi’s global expansion strategy, adding a new asset class to its diverse portfolio of blockchain and crypto-focused products.

Huobi’s NFT marketplace will help the company capitalize on a nascent, yet rapidly growing market. Throughout 2021, NFTs have seen an explosion in growth. According to NonFungible.com, the market reached a record $2.5 billion in sales by July 2021, up from just $13.7 million in the first half of 2020. Ås popular NFT projects from celebrity-backed platforms to gaming-related collectibles take off, market growth is also accelerating, much like decentralized finance (DeFi) grew over the past year, drawing the attention of both retail and institutional investors.

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To nurture projects in this emerging market, Huobi has expanded its initiatives and services to all facets of the NFT space, including investments and project incubation.

“The explosive growth we’re seeing in the NFT market is comparable to that of public chains and DeFi over the past few years,” said Jeff Mei, Director of Strategy at Huobi Group. “NFTs have opened up the public’s eyes to the wide range of blockchain applications out there. The concept of NFTs as an immutable proof of ownership is very powerful, so we’re excited to see where our NFT marketplace will take us.”

Huobi’s NFT marketplace will focus on three main features, in line with the company’s global strategy, commitment to users, and dedication to protecting their assets:

• Numerous sectors and partners. Huobi’s NFT marketplace will be home to a variety of NFTs, including games, art, animation, and music. The marketplace will also partner with top celebrities, artists, singers, and other intellectual property for special collaborations.
• Tailored for local markets. While many NFTs markets are designed to attract users from around the world, the Huobi NFT marketplace will tailor the user experience and curate offerings based on the trends and preferences of each market.
• Support of Huobi Group ecosystem. Backed by Huobi Group’s unparalleled ecosystem and support, the Huobi NFT marketplace will have substantial support and resources to meet the needs of its partners and users.

Mei added, “Huobi has been working on projects in the GameFi (DeFi and gaming) and NFT markets, so the launch of the Huobi NFT marketplace has been in the works for some time. We look forward to introducing this project to our global community.”

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