SushiSwap announces the launch of Shoyu, its platform for NFT trading.
SushiSwap announces the launch of Shoyu, its platform for NFT trading. By Angel Di Matteo @shadowargelAlthough

Shoyu is still early stage and has not formally launched commercial operations, this is a statement of intent by SushiSwap

for entering the digital collectibles space.

***

DeFi decentralized cryptocurrency exchange platform and liquidity pool operator SushiSwap announced the official launch of Shoyunft.com, its new service for trading digital collectibles (NFT)

.

SushiSwap launches Shoyu, its platform for NFT

trading

This was announced by the team responsible for Shoyu in a message published on the social network TikTok, also spread through its official Twitter account ,

where they share the news with all followers interested in this new platform. This already has its website, but not yet formally begins commercial operations.

The launch of Shoyu by the SushiSwap team goes hand in hand with the plans of the DeFi platform to expand its line of operations and take them to other areas. The idea originally came about when LexV, a former contributor to the service, proposed two months ago the idea of launching the platform for NFT

trading with an interface, caching layers and an infrastructure for handling digital collectibles.

The first concrete news about the platform under development came on July 7, where the team in charge indicated that an initial proposal and some drafts for the user interface were ready. The zero version (V0)

was scheduled to arrive in August, while the next ones will come in November of this year and January 2022, according to the roadmap presented.

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DiarioBitcoin

visited the website and found that it has not yet started commercial operations. Instead,

there is only a promotional video, links to social networks and a small description that reads as follows

:

We are looking to create an NFT platform that focuses on the needs of artists and creators to drive the space forward. Current NFTs are limited by the file format, the size of the artist and their creative skills. In terms of design, we want the platform to be beautiful, functional and have that Japanese sensibility and aesthetic.”

Competition in the NFTspace

While the website doesn’t offer much yet, it is a statement of intent by the SushiSwap team to formally enter the NFT space , which amidst its growing boom has some notable platforms in that line of business.

Perhaps the most emblematic case is precisely OpenSea, a platform that in mid-August reported that in a space of two weeks surpassed the milestone of USD $1 billion traded through its service. It is worth noting that this service has traded works for prices that exceed USD $1 million.

Due to the lucrative nature of this line of business, entities such as Binance and FTX have also joined this sector by setting up spaces for trading digital collectibles.

On the other hand, companies such as Marvel, Playboy, Coca-Cola, Dolce & Gabbanna and many other reputable companies are already actively operating in this market, offering their NFTs for sale among their communities of fans and enthusiasts familiar with this new trend.

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Source: Shoyu, TheBlockCrypto, Twitter

Version by Angel Di Matteo / DiarioBitcoin

Image by Unsplash