Korbit, Industry's First Production of 2 NFT Works... Conducts Bidding Event

by Kong Byeongseon

Published 09 Apr.2021 13:58(KST)

Granting Naming Rights of the Artwork to the Final Bidder

Korbit, Industry's First Production of 2 NFT Works... Conducts Bidding Event

[Asia Economy Reporter Gong Byung-sun] Domestic cryptocurrency exchange Korbit is conducting the industry's first auction bidding for non-fungible tokens (NFTs).

On the 9th, Korbit announced that it is currently conducting auction bidding by creating naming rights for the representative cryptocurrencies Bitcoin and Ethereum as NFTs. The auction started at 6 PM on the 8th.

Korbit collaborated with an artist using the pseudonym 'Nonamed' to create the works and registered them on the NFT auction platform Foundation. Korbit explained that anyone holding Ethereum can participate in the auction.

The initial bid price was set at 2 Ethereum (approximately 5 million KRW). After the auction starts, if a bid higher than the existing bid price is registered, the auction will automatically end 24 hours after that time. If the latest bid price is registered within 15 minutes of the remaining time, the auction time will be extended by 15 minutes each time.

The final successful bidder will obtain the naming rights for each work, and the designated names can be checked later on the Korbit website.

Sejin Oh, CEO of Korbit, said, “We planned this event to commemorate the return of the cryptocurrency market boom,” and added, “Based on this event, we will consider providing NFT-related services in the future.”