South Korean crypto exchange Korbit launches NFT marketplace

Korbit, a South Korean crypto exchange, has announced the launch of its new NFT marketplace service. Firstly, any Korbit user can join the marketplace and participate in auctions after creating an Ethereum-based NFT wallet. Secondly, anyone can join as an NFT author and upload their work for auction.

NFTs

An NFT or Non-Fungible Token is a token irreplaceable to any other tokens. NFTs are a cryptographic technology that utilizes blockchain to give each piece of content a unique mark. NFTs are being most actively used in the field of art; as it accurately recognizes the original author of the work, changes in its ownership and any issues involved with its current owner. Notably, a unique feature of an NFT is that a certain amount of royalties can be paid to its original author whenever ownership changes.

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