A few weeks back an exciting announcement was made by Coincheck for its users and the NFT enthusiasts. Coincheck had announced that it was in the process of developing a marketplace that would serve the non-fungible token (NFT) sector.

After the initial announcement, Coincheck provided an update on the working of the NFT marketplace on Friday, March 19, 2021. The firm announced that it is all set to launch the beta version of the NFT marketplace. According to the announcement, the platform will be launching the NFT marketplace in the running week.

Coincheck is one of the major cryptocurrency exchanges that is headquartered in Japan. Over the course of time, the exchange has provided exposure to millions of users in Japan. The exchange has been involved in several projects and is constantly new products in the cryptocurrency market.

Coincheck has announced that the users will be able to use some of the major cryptocurrencies on the new NFT marketplace. The firm specifically mentioned Bitcoin (BTC) for being one of the support cryptocurrencies alongside 12 altcoins, also including Ethereum (ETH).

As per local crypto-reporting firms, the new beta version of the NFT marketplace will not be involving blockchain network trading. Yet, the users who wish to be traders will be allowed to buy and sell the NFTs with and for cryptocurrencies.

The firm has announced that the non-fungible tokens (NFTs) available on the platform would be from a total of six Japanese providers. Apart from that, there will be other providers from overseas who will also get their NFTs enlisted with Coincheck’s NFT marketplace.

The local media outlets have also confirmed that the majority of the non-fungible token (NFT) providers for the platform are from the gaming sector.

With the launch of the NFT marketplace, Coincheck has become the first-ever cryptocurrency exchange in Japan to have achieved its milestone. The firm has also announced the reason why it has decided to introduce a marketplace for NFTs.

The executives of the company stated that since the beginning of 2021, there were two products that were blossoming. The first product being decentralized finance (DeFi) and the second one being non-fungible tokens (NFTs). Although it was the DeFi sector that initially had the lead, yet the NFT sector has managed to surpass the former in recent weeks.

The NFT industry is constantly in the headlines where there is a new NFT being launched with every passing day. The crowds on the NFT platforms have started growing tremendously and this is the perfect opportunity for Coincheck to make the best out of it.

This is the reason why Coincheck had acquired the NFT trading platform, Miime’s operator “Metaps Alpha” in the beginning of the year.