to Launch Its Own NFT Marketplace

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by Sanaa Sharma · 3 min read to Launch Its Own NFT Marketplace
Photo: Depositphotos

Cryptocurrency financial services company announced that it will be inaugurating its native non-fungible token (NFT) platform.

According to the announcement, the platform will be managed and run by OpenSea, which is a peer-to-peer marketplace for NFTs. While the platform is only in its beta stage currently, the company has generated a waitlist for enthusiastic users to register themselves up for the same. With the crypto world gradually shifting towards NFT markets, has become the latest crypto firm to jump on the NFT bandwagon. The NFT marketplace will allow users to view and buy non-fungible tokens from the platform’s wallet.

In the company’s blog post on the website, it has acknowledged that despite the initial enthusiasm and exhilaration, the NFT space has proven to be a bit difficult to adopt. noted that the reluctance the NFT space witnesses currently is similar to what the crypto space endured in its initial years. However, the company has promised to make the NFT ecosystem more approachable for the public in general. In the past year, one of the largest crypto exchanges Binance, along with FTX.US introduced their native NFT marketplaces in June and October respectively.

The market for digital collectibles intricately woven with the blockchain has managed to attract many users in the last few years. Another highlight in the NFT space is the introduction of Defiance’s new exchange-traded fund, known as the NFTZ, to the market. This particular fund will look for corporations and firms that deal with Non-Fungible Tokens (NFTs) and the blockchain. According to Defiance’s press release, the fund will help exhibit the prospering world of NFTs and the already on-the-rise cryptocurrency ecosystem to investors.

According to Defiance, the previous year’s total trading volume peaked at %15 Billion as of October. Having said that, Defiance co-founder and Chief Investment Officer Sylvia Jablonski, in an interview, asserted that the Non-Fungible Token (NFT) revolution has the potential to revolutionize the financial model for celebrities as well as creators, at the same time involving more industries in its interplay. She goes on to add that the NFTs might just be grander than the internet itself!

However, Defiance’s fund is not specifically targeted towards the NFTs. According to a report by Bloomberg, Jablonski emphasized that the companies will act as the “key players” in establishing the metaverse. The metaverse, recently in the news because of Facebook, is essentially a hypothesized iteration of the internet in 3-dimensions. This digital realm has been touted as the next big rendition of the internet. It is also believed that NFTs and blockchain technology are pivotal for the construction of a virtual world.

The fund has some huge investments in firms such as Fintech and Cryptocurrency Banking company Silvergate, crypto mining company Marathon Digital Holdings and Bitfarms, and American crypto exchange platform Coinbase. Following the launch of NFTZ on Thursday, it plunged 2.5% to $23.50 at 12:01 p.m. in New York.

Altcoin News, Blockchain News, Cryptocurrency news, News
Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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