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Blockchain firm and crypto exchange Huobi Group is staking its claim in the metaverse with the trial of its non-fungible token (NFT) marketplace, allowing users to buy and sell NFT artwork, collectibles and other digital items.

• Huobi said the launch of the Huobi NFT marketplace has been in the works for some time and is a “key milestone” in the expansion of its metaverse strategy.
• The metaverse is a space generated by the convergence of virtual worlds, augmented reality and internet services.
• The company has also been working on gaming and decentralized finance, or GameFi, projects. In September, Huobi Ventures, the investment arm of Huobi Group, announced it is launching a $10 million fund to invest in early-stage GameFi projects.
• “NFTs have opened up the public’s eyes to the wide range of blockchain applications out there. The concept of NFTs as an immutable proof of ownership is very powerful, so we’re excited to see where our NFT marketplace will take us,” said Jeff Mei, director of strategy at Huobi Group, in a statement.
• An increasing number of NFT marketplaces have launched recently where users can purchase, mint, display and trade NFTs.
• Most recently, Sotheby’s, the 277-year-old British auction house, announced the creation of a new platform called “Sotheby’s Metaverse” that allows visitors to view digital artworks available at auction, as well as learn about the collectors and artists behind NFTs.

Read more: Huobi Ventures Sets Up $10M GameFi Fund