SK, LG, and CJ Lost Billions in NFT Investment
CryptoNewsTerminal Staff05 Jun, 2024
SK, LG, and CJ Lost Billions in NFT Investment
According to an exclusive report by The Chosun Biz, Naemo Market, an NFT exchange operated by Bithumb Meta as a new business venture, will terminate its service on the 30th of this month. Naemo Market received an investment of 17 billion won from Bithumb Korea in 2022, and early last year, it received a total of nearly 10 billion won in investment from LG affiliate LG CNS, CJ subsidiary CJ Olive Networks, and Dream Us Company, an affiliate of SK Group's investment company SK Square. However, Naemo Market has continued to record deficits since its establishment. Industry experts say that the failure of Naemo Market is a reflection of the current state of the NFT market. The NFT market has been in a slump since the end of last year, with trading volumes and prices falling sharply. This has led to a number of NFT exchanges closing down, and it is likely that we will see more closures in the near future.
