In the midst of the ongoing NFT craze, KuCoin takes the lead in metaverse market fast-tracking by launching a dedicated metaverse trading section on its official website.
The global KuCoin exchange has accelerated its integration into the rapidly growing mainstream blockchain-based gaming sector by launching a specialized section on the trading platform that allows gamers and traders to access a wide range of GameFi tokens. According to the most recent announcement, the new trading board will include both highly popular metaverse projects and startups in their early stages of development that have been chosen by the exchange based on criteria such as attractiveness, team expertise, and technical innovation.
Axie Infinity (AXS), Enjin (ENJ), Decentraland (MANA), The Sandbox (SAND), Smooth Love Potion (SLP), and SENSO (SENSO) are among the projects that KuCoin promises to include in the metaverse category for open trading. The exchange’s founders believe that having a dedicated format will help promote both new and established metaverse projects by exposing them to potential investors and a larger user base.
Johnny Lyu, CEO of KuCoin, stated that “GameFi is all about Play-to-Earn, which is in stark contrast to the outdated, traditional Play-to-Win approach to gaming,” emphasizing the need for comprehensive categorization of decentralized market sectors. The Play-to-Earn model empowers players by allowing them to become creators of in-game content rather than just consumers of it. With this in mind, we created the Metaverse Trading Board to meet the needs of a diverse set of users, including traders, DeFi users, and gamers.”
Such specialization is in response to increased institutional activity in the NFT and metaverse markets, as evidenced by Visa’s recent acquisition of unique digital artworks and Microsoft’s announcement that it will soon launch a metaverse for enterprises.
In addition to streamlining user actions on the exchange, KuCoin is supporting promising projects in the GameFi space. KuCoin Labs, the exchange’s investment and research division, recently launched a $50 million fund to support and empower new startups in the GameFi, metaverse, and NFT space. Its most recent investment was in the Star Terra metaverse project, which is hosted on the (LUNA) ecosystem.
Other crypto exchanges are also making strides in NFT adoption, as evidenced by the recent launch of an NFT marketplace by the FXT crypto exchange. OKEx also expanded its presence in the NFT market, as previously reported by Bitcoinist, by establishing its DeFi Hub – a specialized marketplace for NFTs.