The9 Ltd., a Chinese gaming company that pivoted earlier this year to cryptocurrency mining, unveils plans to get into non-fungible token business, reflecting the company’s ambition to ramp up its blockchain-based operation.
- Nasdaq-listed The9 has announced that its Singapore-based subsidiary NFTSTAR Singapore Pte. Ltd. will launch a NFT trading and community platform NFTSTAR in the fourth quarter of this year, according to a company statement.
- The Shanghai-based company has already started a pre-registration incentive campaign for early sign-ups. While it plans to initially partner with global sports stars to sell NFT collections, more collectibles from the entertainment and arts worlds are expected to follow, the company said in the statement.
- The new platform will take credit card payments to make it easier for mainstream consumers to get involved.
- “Driven by the dual core businesses of NFT and cryptocurrency mining, our globalization strategy is getting more solid, and a broader market will bring stronger growth to The9,” Zhu Jun, chairman and CEO of The9, said in the statement.
- The9 has been actively expanding its business to crypto mining. Just this month, it has made multiple announcements on expansion to Kazakhstan by setting up joint ventures — through its subsidiary NBTC Ltd. — with local partners to build mining facilities.
- NBTC has also signed a crypto mining hosting agreement with BitRiver, a Russian crypto mining company. In June, The9 announced that it was acquiring Montcrypto Ltd., a Canadian clean energy crypto mining company.
- As China continues cracking down on crypto mining, many miners have fled China for other places that appear to be more regulation-friendly and offer inexpensive power. Some of the top destinations for displaced Chinese miners have included North America, Kazakhstan and Northern Europe.
- However, China appears to hold a looser stance on NFTs while keeping pressure on crypto trading and speculation.