Mining company The9 plans to enter the NFT market in the 4th quarter of this year with the launch of a platform for trading non-fungible tokens NFTSTAR.
According to a statement on The9’s website, the Shanghai-based mining firm plans to expand its business and join the rapidly growing NFT industry. In Q4 2021, the company will launch a market for trading non-fungible NFTSTAR tokens.
The platform will feature the works of world celebrities in the sports, entertainment, art and other industries. NFTSTAR will be operated by a subsidiary in Singapore, and The9 President Chris Shen will become CEO of the new platform.
The9 has named former Dapper Labs VP of Operations Gagan Palrecha as Chief Operating Officer for NFTSTAR. Dapper Labs is the studio behind the Cryptokitties and NBA Top Shot projects. Pre-registration is now open for NFTSTAR.
The9 previously worked in the games industry – from 2005 to 2009, she was the only licensed operator and distributor of World of Warcraft in China. The company entered the mining industry in January, along with other firms such as 500.com (now BIT Mining).
Apparently, The9 chose not the best time to enter the mining industry – since spring, the Chinese government has been increasing pressure on cryptocurrencies in general and on mining in particular. The NFT industry attracts more and more users and is experiencing a boom – more and more companies are exploring non-fungible tokens in the hope of capitalizing on the new hobby of the community. Recently, the largest video game developer Electronic Arts said it wants to explore the possibilities of blockchain and NFT.
