Seychelles-based cryptocurrency exchange Huobi has stated that it will stop its non-fungible token (NFT) services on May 13, 2023. The decision was made as part of the exchange’s strategic and product modifications to its Huobi Cloud wallet. They stated:
“We regret to inform you that Huobi NFT services will be officially discontinued on May 13, 2023 (UTC+8) due to our strategic and product adjustments to the Huobi Cloud Wallet”.
The decision of Huobi to terminate its NFT services came as a surprise to many members of the NFT community, who viewed Huobi as one of the industry’s leading contenders. However, neither the company’s new business strategy nor the sectors on which it expects to focus in the future have been announced.
Huobi’s NFT services, which allow users to purchase, sell, and exchange digital assets such as artwork and collectables, were released in 2020. The exchange had initially positioned itself as a key participant in the NFT market, with intentions to extend its capabilities and compete with other important NFT marketplaces.
However, the NFT market has seen a downturn in recent months, with many tokens witnessing a dramatic reduction in value. This, coupled with Huobi’s focus on its core business, has forced the exchange to stop its NFT services.
Meanwhile, in another development in Huobi, the firm has received a hundred million dollar investment from H.E Justin Sun to improve the multi-currency liquidity of the HuobiGlobal platform.
Notwithstanding the cessation of its NFT services, Huobi has emphasized that it remains committed to providing its users with the finest available products and services. The exchange has recently expanded its capabilities to include decentralized finance (DeFi) services and has plans to continue to expand its offerings in the future months.
Huobi’s NFT services will be available till May 13, 2023. Users are urged to remove their NFT assets before the deadline to avoid any potential loss.
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