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KuCoin Expresses Its Interest in Launching an NFT Based Exchange

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Nov 16, 2020

Just three days back, one of the most prominent crypto-exchanges ‘KuCoin’ made a very surprising announcement. The exchange announced that it now has plans to enter and launch its operations in the NFT market.

It announced that in order to accomplish its goal, the exchange will be going through two phases. The first phase will focus towards the launch of the deposit service of the Dego.Finance NFT assets. The second phase will focus on launching a withdrawal service for the NFT assets.

The KuCoin exchange announced that the deposit service will be launched on the 16th of November, 2020. Whereas, the withdrawal service will be initiated on 20th of November, 20. The crypto-exchange announced that the liquidity platform that it will be using to execute its plan will be Pool-X.

Furthermore, the exchange has also provided a confirmation around the news. It has confirmed that the Pool-X trading platform will be launching the NFT exchange platform in a few months’ time.

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The officials of the KuCoin exchange have also shared their intentions of launching the NFT platform. They also stated that with this, KuCoin would be the first ever major crypto-exchange to have launched an NFT exchange platform.

Once the NFT exchange is launched by KuCoin, it will work non-stop to ensure that it makes a difference in the NFT market. It will continue to contribute towards the success and adoption of the NFT mechanism in numerous markets.

At present, the NFTs hold a very popular profile in several fields. Some of the major sectors where the NFT industry excels is artworks, GameFi, and collectibles.

The very nature of the NFT (Non-fungible Tokens) makes them unique and indivisible. Based on their attributes, the NFT(s) have high acceptance rate wherever they are introduced.

According to many crypto-analysts and commentators, the NFT is considered as the future trend of the crypto-industry. At present, the crypto-NFT technology is placed second to the DeFi system. The technology is highly regarded and greatly accepted in several markets.

As per the recent analysis report shared by NonFungible.com, the NFT transaction volume has managed to hit $230 million in the running year.

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