Crypto exchange Korbit launches NFT marketplace in South Korea

South Korean crypto exchange Korbit has launched a non-fungible token (NFT) marketplace, enabling NFT creators and investors in the region to participate in the NFT ecosystem. Korbit claims this will be the first NFT marketplace in South Korea.

“The local NFT market is still in a fledgling stage, compared to global ones, and the Korbit platform will help create synergy between the blockchain ecosystem and various sectors, including art, visual media and gaming,” Korbit CEO Oh Se-jin said. 

According to Korbit, all transactions will be carried out via the Ethereum blockchain. That's despite a significant amount of the NFT market moving to high-throughput blockchains such as Flow (home of NBA Top Shot).

After peaking in February, the NFT market has been steadily decreasing in recent weeks. According to The Block's Data Dashboard, NFT trade volume, number of users and transactions have seen significant declines.

The launch comes a week after popular South Korean social gaming platform, GameTalkTalk, announced it would use blockchain platform Enjin to produce low-carbon NFTs. 

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