KuCoin takes the lead in metaverse market fast-tracking as it launched a dedicated metaverse trading section on its official website amidst the ongoing NFT craze.
The global KuCoin exchange has accelerated its integration into the rapidly growing mainstream blockchain-based gaming sector by introducing a specialized section on the trading venue that allows gamers and traders to access a wide variety of GameFi tokens. The latest announcement indicates that the new trading board will include both highly popular metaverse projects and startups at the early stage of development that has passed the exchange’s selection based on such criteria as attractiveness, team expertise, and technical innovation.
Among the projects that KuCoin promises to include in the metaverse category for open trading are Axie Infinity (AXS), Enjin (ENJ), Decentraland (MANA), The Sandbox (SAND), Smooth Love Potion (SLP) and SENSO (SENSO), and others. The exchange founders believe that such a dedicated format will help promote both new and established metaverse projects, giving them exposure to potential investors and broader audiences of users.
Underscoring the need for comprehensive categorization of decentralized market sectors, Johnny Lyu, CEO of KuCoin stated that: “GameFi is all about Play-to-Earn, which is in stark contrast to the outdated, traditional Play-to-Win approach to gaming. The Play-to-Earn model empowers players and lets them become the creators of in-game content, not just consumers of such. With this in mind, we developed the Metaverse Trading Board to cater to the needs of a wide range of users – traders, DeFi users, and gamers.”
Such specialization comes in light of increased institutional activity on the NFT and metaverse market, as proven by Visa’s recent acquisition of unique digital artworks, and the announcement made by Microsoft that it will soon be launching a metaverse for enterprises.
Apart from streamlining user actions on the exchange, KuCoin is also engaged in supporting promising projects in the GameFi space. KuCoin Labs, the exchange’s investment and research division, recently launched a fund of over $50 million aimed at supporting and empowering new startups in GameFi, metaverse and NFT space. One of its most recent investments was made in the Star Terra metaverse project hosted on the (LUNA) ecosystem.
Other crypto exchanges are also making headway in NFT adoption, as evidenced by the FXT crypto exchange’s recent launch of an NFT marketplace. As previously reported by Bitcoinist, OKEx also expanded its presence on the NFT market by setting up its DeFi Hub – a specialized marketplace for NFTs.