It is only fitting for South Korea’s first crypto exchange, Korbit, to launch the nation’s first NFT Marketplace. NFT creators and collectors can now list their NFTs on Korbit’s website. Buying, selling and trading in the open market is in full swing.
Korbit: South Korea’s First Crypto Exchange adds NFT Marketplace
With its first mover advantage, Korbit has grown to become the biggest BTC and ETH exchange in South Korea. Since then, it has ventured into the remittance business offering 0 bank transfer fees. Its latest conquest is the NFT Marketplace in South Korea. All sales will be via Ethereum (ETH).
South Korea is ready for an NFT Marketplace. Prior to Korbit’s platform, several private NFT sales by Korean artists have pulled in gross sales in the thousands. Back in March, Artist Mari Kim sold her 10 seconds animated artwork for $600,000 at Korea’s first NFT art auction launched by Pica Project. “Global Groove” by Baek Nam-june will be auctioned off and has been predicted to be sold for $110,000.
Government mandates tax on Crypto and NFT Gains
NFTs are taking the western world by storm. Despite the media attention and millions of sales, the government is not too hot on the NFT industry. Unfortunately, it’s not smooth sailing for the South Korean Crypto Market. Last week, the government announced a 20% income tax on crypto transactions. These would reportedly include the sale of NFTs that exceed $45,000 or a cumulative total of sales that eclipses that figure. Aside from South Korea, The Australian Tax Office also issued a strong warning for Crypto and NFT holders to report their gains.
The Eastern side of the world is hungry for some NFT Action. Korbit’s NFT Marketplace could very well be the catalyst to change the NFT lull.