KuCoin Considers Launching A Non-Fungible Token Platform

The crypto exchange KuCoin considers launching a non-fungible token platform as NFTs grabbed the attention of the centralized trading space as we are reading more in the latest crypto news.

The Hong Kong-based crypto exchange KuCoin considers entering the non-fungible token market for the liquidity trading platform Pool-X that will open deposits for NFT tokens starting in two days, November 16^th. Pool-X will launch the exchange platform that will be designated for NFT tokens in the upcoming months. According to the announcements, the Pool-X platform will open the deposits services of Dego.Finance NFT assets starting today. The withdrawals will start on November 20^th while the NFT exchange platform will arrive in early 2021.

NFTs enjoyed this year with their transaction volume surging by triple-digit percentages which are still far away from reaching the mainstream despite being in the crypto field. The centralized exchanges averted from NFTs but KuCoin plans to change it. The statement admitted that the NFT trading will present numerous challenges for the users as they lack more education but the platform believes that the addition on centralized trading platforms “will greatly reduce the threshold of trading NFT in an easy and user-friendly way.” KuCoin Global CEO Johnny Lyu said:

“KuCoin is paying close attention to the NFT market. Although NFTs don’t have enough market attention at present, the potential is great. Moreover, it has many application scenarios in insurance, bonds, options, and other fields. It can even create a virtual real world on the blockchain. So, we launched the NFT Trading Board to facilitate users’ participation in investing in NFT.”

NFTs are cryptographic assets that have unique information in them as well as traits that prevent them from being mutually interchangeable. Some of the applications could be artworks or collectibles. With their popularity rising, many celebrities started supporting them. Canadian actor William Shatner who is best known for his iconic role in Captain Kirk in Star Trek sold about $125,000 digital photos with personal backgrounds from his early days.

Ashton Kutcher also joined along with Paris Hilton by utilizing the ETH-based platform to sell their own digital art for charity. Some DeFi protocols took advantage of the NFT craze thus allowing users to farm NFT tokens which resulted in huge price pumps in the summer.