Dunamu launches beta service for NFT platform

Dunamu, the operator of cryptocurrency exchange Upbit, said Tuesday that it has launched a new trading platform for nonfungible tokens, further expanding its footprint in the virtual asset space.

NFTs are blockchain-based digital counterparts of real-world assets, mostly in the areas of visual arts or music.

The blockchain company opened its Upbit NFT Beta service on Upbit’s website, where its users can sell and purchase NFTs at auction.

Using the “Drops” function, users can choose whether to participate in English or Dutch auctions, depending on the art piece. In an English auction, the highest bidder wins, whereas in a Dutch auction, the bidding starts with the highest price and goes lower.

Famous pop artist Jang Koal will make NFT art available for bidding soon.

The platform also plans to showcase NFTs in areas other than fine arts. These include sports, broadcasting, fashion and game illustration, the company said.

Users who bid on NFTs successfully can sell them by using the “Marketplace” function.

A portion of the platform’s commission fees goes to the artists whose works the NFTs are based on.

After the beta test, mobile service will be available soon, the company said.

“NFT is becoming a megatrend in the digital era. We will provide a safe and convenient trading service that will in turn contribute to expanding the domestic NFT market,” a Dunamu official said.

In June, Dunamu forged a partnership with Seoul Auction Blue and ISA Company to enter the NFT business. It recently announced plans to establish a joint NFT corporation with K-pop powerhouses like JYP and Hybe.

By Byun Hye-jin (hyejin2@heraldcorp.com)