Upbit, a leading cryptocurrency exchange in South Korea, will expand its NFT platform to include Ethereum-based collections, such as Azuki and Milady Maker, by January 2025.
This expansion could significantly boost Ethereum trading volumes and user engagement within the NFT space, potentially impacting related asset prices.
Upbit Integrates Top Ethereum NFTs in 2025
Upbit plans to enhance its NFT platform with major Ethereum collections in January 2025. This move is part of the company’s organic growth strategy, aiming to support more NFT trading and wallet integrations.
“The recharge, withdrawal, and trading functions will be opened within January 2025. Users need to complete ownership verification and use the MetaMask wallet for related operations.” – Upbit Official Announcement, Upbit
Dunamu, Upbit’s operator, oversees this expansion. The new platform will host NFTs like Azuki and Milady Maker, expanding Ethereum-based NFTs on their network to increase market exposure.
Anticipated Impact on Ethereum Trading Volumes
The enhanced NFT platform could lead to increased Ethereum transaction volumes as users trade on Upbit. Potential spikes in trading volumes may enhance cryptocurrency liquidity and adoption.
Historical patterns suggest trading volume surges for new listings. Past events have seen up to 200% price increases upon listing new tokens, impacting the overall market dynamics, especially within the Ethereum ecosystem.
Historical Precedents for Market Shifts
Past Upbit listings have driven notable market activity, similar to events on other exchanges like Binance. This often results in immediate trading spikes followed by equilibrium, impacting NFT collection values.
Experts suggest this move may result in significant price adjustments in the NFT sector. This prediction aligns with historical data, indicating increased interest and engagement upon new listings in major crypto exchanges.
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