All of the platform’s transactions will be conducted in ethereum.
According to a corporate release made Monday, the NFT marketplace would be South Korea’s first.
According to Korea Herald, NFT developers would sell their digital assets on Korbit’s website.
All platform transactions will be conducted in ethereum (ETH, +1.63%).
“The local NFT market is still in a fledgling stage than 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.
The crypto ecosystem in South Korea is now surrounded by regulatory clouds, with exchanges obliged to register as virtual asset service providers, a step aimed to allow the government to verify the legality of their activities and crackdown on money laundering and fraud.