Nasdaq-listed cryptocurrency mining company The9 is entering the NFT space by launching its NFT trading platform in the fourth quarter of 2021, the company announced on Sunday.
The trading and community platform NFTSTAR is operated by a wholly-owned subsidiary of The9 limited in Singapore. The platform would manage works of art by renowned celebrities in sports, entertainment, art, and other industries.
The9 President Chris Shen has been appointed as NFTSTAR CEO and Gagan Palrecha, former vice president of operations at Dapper Labs, will be NFTSTAR’s COO.
Chairman and CEO of The9 said in the press release:
“NFT market is growing rapidly all over the world. Our NFTSTAR platform has great potential to grow. Driven by the dual core businesses of NFT and cryptocurrency mining, our globalization strategy is getting more solid, and a broader market will bring stronger growth to The9.”
NFT market broke records in sales after surpassing the $1billion mark in mid-August. Days later, the market surpassed the $2 billion mark as well, mostly contributed by the NFT marketplace OpenSea.
Major NFTs such as CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins have made record-breaking sales in the past two months.
The9 was previously a gaming company and was the only licensed operator and distributor of World of Warcraft in China for four years ending 2009. It later drifted towards crypto mining in January this year.