TL; DR Breakdown
- Huobi is assessing the possibility of establishing its crypto collectibles. The NFT will run trials on the Huobi Eco Chain before it goes public.
- According to the chief of general strategy Jeff Mei, the development will enable the platform to progress massively.
The leading exchange platform, Huobi, could soon establish its crypto collectibles. The platform wants to expand its metaverse by adopting a current asset to have diverse options. The company will allow its customers to use the option in various sectors. The trial will be on its decentralized public exchange, Heco (Huobi Eco Chain).
Exploring the next level
The introduction of Huobi NFT will be very beneficial to the company’s long-term plans. The company has been exploring the gaming sector and DeFi. They recently established the Huobi Ventures’ GameFi (gaming NFT) fund. The $10 million funding that came with the launch would go a long way in promoting the company’s projects.
Huobi plans to expand its initiatives to provide the best services to its customers. The sectors that will benefit from the NFT space include; developing projects and investments. The move will boost the advancement of several projects in this upcoming market.
NFTs have seen an explosion in growth. According to the NFT website, the market has seen almost $3 billion in sales by July this year. This figure has risen from about $14 million in mid-2020.
The NFT projects, from platforms backed by high-profile people to gaming collectibles, are dominating.
Eager for the future
Director of Global Strategy Jeff Mei said the vast growth observed in the NFT market is almost the same as that of the decentralized sector. He added that NFTs are showing people the varieties of blockchain options.
Mei noted that the concept of NFTs shows that blockchain is now dominant. He insists that the blockchain firm is thrilled with the new projects and looking forward to the firm’s success.
According to reports, Huobi has been developing its NFT market for a while now. The firm looks forward to implementing this project to the global community.
The exchange platform will soon join other reputable firms that have adopted NFTs. Other platforms following this path include Coinbase, while FTX presented its NFT market last month.
Binance established its NFT market earlier this year becoming one of the early investors’ of the marketplace.
Just recently, Facebook officially rebranded the platform’s name, Meta. The company wants to realize better things with modern technology. The social media platform is also planning to establish its crypto, Diem. The project began in 2017, and it was identified as Libra. The development team later changed the name to Diem.