The9 to launch NFT marketplace

The Nasdaq-listed company The9 announced the launch of a trading platform for non-fungible tokens (NFTs).

According to the press release, NFTSTAR, run by the Singapore subsidiary NFTSTAR Singapore, will begin operations in the fourth quarter.

The platform is expected to feature celebrities from various fields, including entertainment and the arts. At launch, the main partners will be sports stars, whom the firm promises to name soon.

Gagan Palrecha, the former vice president of Dapper Labs, will join NFTSTAR Singapore as Chief Operating Officer. The firm is known as the creator of CryptoKitties and the NFT platform NBA Top Shot.

“With two core lines of business — NFT and cryptocurrency mining — our globalization strategy is becoming more resilient, and market expansion will bolster The9’s growth,” said the company’s CEO Zhu Jun.

In response to the news, the company’s shares rose by almost 4.5% in premarket trading.

Earlier, The9 announced its entry into the mining industry in January 2021. The company’s shares surged by 140% in the two days after the announcement.

The subsequent announcement of the purchase of 26,007 Bitcoin miners further pushed the company’s stock up by another 20%.

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