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Crypto Mining Firm The9 to Launch NFT Platform in Q4

The Shanghai firm is the latest to enter the booming digital collectibles market.

By Eliza Gkritsi
AccessTimeIconAug 30, 2021 at 7:11 a.m. UTC
Updated May 11, 2023 at 4:12 p.m. UTC
Crypto mining hardware (Bloomberg Finance)
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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.

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  • 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.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Eliza Gkritsi
Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

Follow @egreechee on Twitter

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