Bithumb, a South Korean cryptocurrency exchange, is working on an nonfungible token (NFT) marketplace which is presumed to be LG CNS, a subsidiary of LG Corporation.
In a January 13 conversation, Bithumb CEO Heo Baek-young revealed that the exchange was actively creating a NFT exchange to enable it compete with Korbit and Upbit, two major local Korean exchanges. He added that the NFT marketplace will be critical in supporting blockchain-based content, to become a driving force in the future.
There is yet to be any confirmation of the identities of the content providers or artists who have consented to release material in NFT format for Bithumb.
Several South Korean media sites have reported that the NFT marketplace is being built in partnership with tech giant LG CNS, however Bithumb representative has not confirmed it. Bithumb would benefit from the launch of an NFT marketplace in order to remain competitive. Bithumb is now second among Korean exchanges with a volume of USD 730 million daily.
Upbit at first place with USD 1.7 billion daily transactions launched its NFT marketplace in November 2021 after securing exclusive NFT content commitments from major K-pop acts, including BTS. The Korbit cryptocurrency exchange, managed by gaming giant Nexon, was the first NFT marketplace in South Korea.
While most worldwide NFT traders mint and trade on-chain on OpenSea, Korean traders prefer to use centralised platforms.
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