The9 Ltd., a Chinese gaming company that shifted its focus to cryptocurrency mining early this year, announces ambitions to enter the NFT sector, indicating the company’s desire to scale its blockchain-based operations.
Nasdaq-listed According to a corporate announcement, The9’s Singapore-based subsidiary NFTSTAR Singapore Pte. Ltd. will launch an NFT trading and community platform called NFTSTAR in the fourth quarter of this year.
The Shanghai-based startup has already begun an incentive campaign to encourage early sign-ups. While the firm initially wants to engage with global sports personalities to offer NFT collections, the company said in a statement that additional collectibles from the entertainment and arts industries are expected to follow.
The new platform will accept credit card payments to make participation more accessible to mainstream customers. “With our two main industries of NFT and cryptocurrency mining, our globalization strategy is solidifying, and a larger market will result in stronger growth for The9,” Zhu Jun, chairman, and CEO of The9 said in a statement.
The9 has been aggressively diversifying its operations to include cryptocurrency mining. This month, it made repeated statements about expanding into Kazakhstan by forming joint partnerships with local partners to establish mining operations through its subsidiary NBTC Ltd. Additionally, NBTC has entered into a hosting deal with BitRiver, a Russian cryptocurrency mining company. The9 announced its acquisition of Montcrypto Ltd., a Canadian clean energy cryptocurrency mining firm, in June.
As China continues to crack down on cryptocurrency mining, many miners have migrated to countries that look to be more regulatory-friendly and offer cheap electricity. North America, Kazakhstan, and Northern Europe have all been popular destinations for displaced Chinese miners. China, on the other hand, appears to be relaxing its stance on NFTs while maintaining pressure on cryptocurrency trade and speculation.
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