Nasdaq-listed crypto mining firm The9 Limited is entering the non-fungible token (NFT) space with a “trading and community platform” to launch in the fourth quarter.
- The platform, dubbed NFTSTAR, will feature artwork by global celebrities in sports, entertainment, art and other industries, the Shanghai-based firm said in a press release.
- A wholly owned Singapore-based subsidiary will run NFTSTAR, and The9 President Chris Shen will be the new platform’s CEO.
- The9 tapped Gagan Palrecha, former vice president of operations at Dapper Labs, to be NFTSTAR’s COO. Dapper Labs is the studio behind CryptoKitties and NBA Top Shot.
- NFTSTAR is open for pre-registration.
- NFT markets have been booming in the last two months; collection items such as Bored Ape Yacht Club and Pudgy Penguins, as well as marketplaces, have been breaking records.
- The9 was previously focused on gaming: Between 2005 and 2009, it was the only licensed operator and distributor of World of Warcraft in China.
- It pivoted into crypto mining in January, along with other Chinese companies such as 500.com, now BIT Mining.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.