cryptoknowmics.com
Singapore’s leading cryptocurrency exchange AAX has announced plans to launch its own non-fungible token (NFT) marketplace in the “near future” including a number of planned preparations such as an auction, a contest, and a highly awaited collaboration yielding unique NFTs.
Planning for AAX NFT Marketplace
In anticipation of the launch of its NFT marketplace, AAX is running a promotional charity campaign giving users the chance to submit their creations across media from music, art, and video based on the platform’s iconic logo mascots. Along with this, they can also win themed NFTs just for trading.
To participate, users can submit their NFT creations from which AAX will choose the top 5 within 5 business days of the end of the campaign and issue them to the NFT marketplace for auction for a week.
Half of the proceeds from the NFT sales will be donated to the charity fund while the other half will go to the creator’s AAX account. The proceeds will be calculated in Bitcoin (BTC) based on the real-time exchange rates.
In addition, users will also be able to enter into a lucky draw with a chance to win the AAX mascot of Alex and Ava_7 themed NFTs.
Commenting on the opening the NFT metaverse to more users, Toya Zhang, COO of AAX, said:
“The total market cap for NFTs is unfathomable. We are taking a small step forward but opening the NFT world to more users, and encouraging artists to try the new formats of work.”
Crypto Exchanges Eyes Expansion to the NFT Market
With the launch of the NFT marketplace, AAX joins a growing list of crypto exchanges that have launched their own NFT platform recently, including Binance, Japanese-owned Coincheck, Hong Kong-based Crypto.com, and the India-based WazirX.
Founded in 2018, the exchange leads the crypto derivatives market for institutional investors in the Asia-Pacific region. Over the years the platform has witnessed massive growth rates recording over 1 billion volumes in Nov 2020.
AAX is the first digital asset exchange to be powered by the London Stock Exchange Group (LSEG) technology. It is also the first to migrate to the Satoshi Standard (SATS) to encourage Bitcoin adoption.