First NFT Marketplace Launched in South Korea by Korbit

UTC by staff writer · 3 min read
First NFT Marketplace Launched in South Korea by Korbit
Photo: Unsplash

All the NFT art creators will be allowed to keep their digital work for auction on the official Korbit website.

Recently Korbit, which is a cryptocurrency exchange platform in South Korea, announced that they had launched a non-fungible token marketplace for South Korea. It is the first-ever non-fungible token (NFT) market that has been launched in Korea. An NFT or non-fungible token is generated on the same programming used for developing cryptocurrency. It certifies that the digital assets of someone are unique and aren’t interchangeable. This marketplace is widely used by those people who are interested in the field of art.

Korbit NFT Marketplace

Well, from now onwards, creators of NFT can formally keep their own music and artwork or any digital asset for auction on the marketplace. Besides them, the investors of cryptocurrency who are owning NFTs can also re-sell on the market.

Oh Se-jin, CEO of Korbit, said in one of his statements that as compared to the global NFT marketplace, the local ones are in the early phases.

All the transactions of this marketplace will be done through Ethereum. It is true that a few private sales took place before the announcement that Korbit is going to be the first such marketplace in the country. These private sales included a sale of $600,000 for an NFT, which was animated and was at a local auction in the month of March. Moreover, one more sale of $100,000 is expected to be for a video on sale, which is known as “Global Groove” and is by a person named Baek Nam-June.

CEO of Pica Project, Song Ja-ho, shared one thing with people regarding the NFT marketplace that it can make the youngsters even gain some earning from the art that they seem to create and enjoy.

As claimed by Korea Herald in a report, all the NFT art creators will be allowed to keep their digital work for auction on the official Korbit website.

In current times, the crypto ecosystem of South Korea is covered by many regularities that require proper registration for service providers of virtual assets. They also have a strong measure to know the legality of the works they do.

New Ordinance in South Korea Is Creating New Issues

The initiation of an NFT marketplace in Korea, which is indeed the first one, came at a period when cryptocurrency was going around an inspection in the country. In the past week, it was announced that 20% of income tax would be there on transactions of cryptocurrency. It has been more than a year since this tax was considered and is one of the latest constraints that has been added in South Korea. Apart from this restriction, there is one act that was initiated in middle 2019, which is related to reporting and usage of certain transaction information. This act will add one more legal term to prevent money laundering in the entire country.

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