Corbit, a domestic cryptocurrency exchange, announced on the 31st that it has launched the industry’s first non-replaceable token (NFT) market.
NFT, which has recently attracted attention, is an encryption technology that gives a unique mark to each content using blockchain technology. In addition to being able to pinpoint the owner of a particular asset, NFT can contain all the detailed information, such as who the original author of the work was and when it was sold to whom. In addition, it has a structure in which royalties are continuously paid to the original author whenever a work is resold, so it is being used most actively in the art field.
The creators of NFT works can sell their works by registering them in the NFT Market menu on the Kobit website. Buyers can purchase works they like with the cryptocurrency’Ethereum’ by bidding.
Corbit said, “In preparation for the opening of the NFT market, companies related to intellectual property rights (IP) such as games and content platforms, including famous domestic media commerce companies, are sending love calls to Corbit.” Explained. Companies that have a large number of IPs, but feel limited in using them, are expected to pay attention to the possibility of NFT and distribute their own contents in various forms in the future.
In commemoration of the launch of this NFT market, Kobit plans to grant commission benefits to discover content creators and revitalize the distribution environment. Based on Kobit’s internal judging criteria, promising creators will be provided with all the costs that must be paid to the Ethereum network when uploading NFT works, and buyers will not be charged any fees that have to be paid to Corbit when winning works.
“Compared to the active NFT market overseas, Korea is still in its infancy,” said Se-jin Oh, CEO of Kobit. “In the Kobit NFT market, IP-owned companies can maximize the digital value of their games, videos, and art works, and from the perspective of exchanges, “I think it will be possible to create a win-win synergy in terms of the blockchain ecosystem as we can discover new business models other than fees,” he said.
For more information on the opening of the Corbit NFT market, please refer to the announcement on the Corbit website.
Meanwhile, according to CryptoArt, a total of 100,000 works were sold until the beginning of March through NFT-based digital art transactions, and the total amount of the transaction was reported to exceed 200 billion won. In April, Kobit also made a naming right for the first bitcoin and Ethereum transaction in Korea as an NFT work and sent it to an auction, which resulted in a successful bid for 160 million won.
