Bybit launches NFT platform “while some may be skeptical of the investment value of NFTs”

There is a growing fear that the crypto industry is allowing creators and celebrities to take advantage of their fans credulity in regard to the value of the digital assets they are buying.

Bybit has launched a non-fungible token (NFT) platform to streamline digital ownership and support the development of blockchain gaming and the metaverse.

The Bybit NFT Marketplace is the latest milestone for the crypto derivatives trading platform after having recently introduced peer-to-peer (P2P) transactions to help easier on- and off-ramp access.

As to the new NFT Marketplace, users on the platform will not be required to link their personal wallet addresses to the platform. Instead, they can buy, sell or trade NFTs on the Ethereum ERC-721 standard through their Bybit spot accounts.

Bybit will be curating and releasing exclusive unique NFTs of high value from budding artists, celebrities and athletes. Artists and creators can look forward to the deep liquidity and access to over 5 million Bybit users.

Bybit wants the platform to become a one-stop shop that brings together artists, creators and collectors, even though the rise of NFTs among regular consumers has sparked concerns that businesses in music, sports, and elsewhere might be taking advantage of their fans credulity in regard to the real value of the digital assets they are buying.

An example is The Guardian’s recent article on the NFT trading in the sports arena. “Dangerous game? Football clubs look to mine fans’ cash with crypto offerings.”

Still, most crypto exchanges are going that route, launching their own NFT trading platform as the latest trend seems even more promising for their pockets than the extreme speculation surrounding the unregulated digital asset space in the last ten years.

Ben Zhou, co-founder and CEO of Bybit, said: “While some may be skeptical of the investment value of NFTs, it remains a fact that NFTs not only make it possible for everyone to participate in and appreciate digital ownership, but also enable artists and creators to exercise control over the ownership of their work. We are excited to provide a premier NFT platform for Bybit users, so they can be part of the creation of a new marketplace and new world called the metaverse”.

The platform’s infrastructure enables NFT collectors to verify the authenticity and the chain of custody of their favorite NFTs, making it easy for users to authenticate its origin and “value”.

Bybit is also launching campaigns featuring exclusive NFTs from Monsters Galaxy, ONBD and REALY as its debut into the NFT world.

Monsters Galaxy is a social role-playing mobile game developed by Gaia Online that allows players to participate in epic monster battles with their teams of monsters, or capture wild monsters. The platform has so far attracted over 25 million players across the globe to be part of its fanbase.

ONBD is an incubator focused on discovering, conceptualizing and realizing NFT projects, which collaborates with crypto-native artists and traditional artists alike to onboard them to the metaverse. The first series from ONBD on the Bybit NFT Marketplace features more than 100 unique NFT artworks from nine artists from around the world.