- Pool-X, a KuCoin-owned liquidity trading platform, has opened up deposits for its NFT trading arm
- The platform will be fully live on Friday, allowing users to trade NFTs
- Gemini’s Nifty Gateway is the only other recognized NFT exchange
Pool-X, a liquidity trading platform owned by KuCoin, has begun accepting deposits for its non-fungible tokens (NFTs) trading feature, with full functionality coming Friday. KuCoin announced the new venture through Pool-X last week, with the exchange looking to capitalize on a sector that has so far remained under the radar in the cryptocurrency and blockchain worlds, partly down to the lack of trading options. KuCoin will be hoping that Pool-X can kickstart this potentially lucrative sub-sector, which has already seen the likes of Gemini entering it.
CryptoKitties Still Haunt NFT World
NFTs are digital assets that cannot be subdivided – they are created, bought, and sold whole. Use cases include digital art pieces and collectible cards which, it is hoped, will be treated like physical collectibles are today. Of course digital collectibles have the advantage of superior storage and ease of transportation and sale.
NFTs are still best known for clogging up the Ethereum network in 2017 through the CryptoKitties craze, and it is testament to their struggle to go mainstream that nothing has come along to erase those painful memories.
Pool-X Hopes to Change Opinion
Johnny Liu, CEO of KuCoin Global, admitted in the press release announcing the launch of the Pool-X NFT trading arm that they were very much looking to the future rather than the present with the addition:
Although NFTs don’t have enough market attention at present, the potential is great. Moreover, it has many application scenarios in insurance, bonds, options and other fields. It can even create a virtual real world on the blockchain.
In the future, we will do more to solve the problems encountered in the NFT field and to build a prosperous NFT world.
NFT deposits into Pool-X went live on Monday, while withdrawals are set to go live on Friday, when the platform will be fully functional. Currently, most NFTS operate on the Ethereum network, specifically as ERC-721 and ERC-1155 standards.
Pool-X will not be the first NFT exchange to try and take NFTs mainstream, following the purchase by Gemini of Nifty Gateway in November 2019.