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OKEx Launches an NFT marketplace


OKEx Launches an NFT marketplace. Non-fungible tokens can be created on the OKEx crypto exchange’s blockchain or on Ethereum.

Seychelles-based global cryptocurrency exchange OKEx that provides a platform for trading various cryptocurrencies, launches a decentralized digital asset ecosystem DeFi Hub.

According to a Thursday announcement, the first products of the project will be the marketplace of non-fungible tokens (NFT) and the Dashboard panel of DeFi-tools.
Thus, the platform offers abilities to buy, sell, exchange or issue tokens on the NFT marketplace. At the moment, only the OKExChain (OEC) and Ethereum (ETH) blockchains can issue tokens, but the developers predict the addition of new platforms. OKEx promises not to charge any commission. A fixed price or in the auction format are the methods of the initial sale of tokens.

All sales are commission-free

Specifically, all sales on the secondary market on NFT Market OKEx are commission-free. At the same time, users pay a commission to miners for processing a transaction on the Ethereum network.

In addition, the DeFi dashboard supports working with multiple blockchains, wallets and assets.

The tool supports OEC, Ethereum, as well as 24 DeFi protocols, including Uniswap, Yearn, Compound, Maker, Aave and SushiSwap.
Users can also track assets in their portfolio, regardless of whether their funds are in tokens, liquidity pools or in the form of NFT.

NFTs are changing the landscape

OKEx financial market director Lennix Lai noted that non-fungible tokens are extremely popular and the market will simplify interaction with the NFT. To illustrate how the system will work, Lai gave an example: “if a creator wants to receive 20% in royalty fees and one buyer wants to sell that NFT in a secondary market sale for $100, then the creator will receive $20, and the seller will receive $80,” he said. In other words, OKEx doesn’t have a limit of royalty fees. The company believes that NFTs are changing the landscape of entertainment and art.

Recall that OKEx is launching a $10 million fund to support the development of the GameFi segment (play-to-earn). The funds for the development will come from the crypto exchange venture fund.

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