• OKEx, a cryptocurrency exchange, has launched a challenger NFT market

  • Exchange of cryptocurrencies OKEx has launched a new platform for non-fungible token minting and trading (NFTs).

    According to OKEx, the platform will enable users to mint and trade NFTs created on the OKExChain and Ethereum blockchains. However, users will be able to import NFTs created on other platforms.

    According to Lennix Lai, director of financial markets at OKEx, you can only import OKExChain-based NFTs right now, but Ethereum-based NFTs will be supported “at a later stage.”

    NFT creators can also set their own royalty fees on the platform, which means they can receive commissions based on percentages they choose for any subsequent transactions of their work, according to OKEx.

    “For example, if a creator wants to receive 20% royalty fees and one buyer wants to sell that NFT for $100 in a secondary market sale, the creator will get $20 and the seller will get $80,” Lai explained. According to its website, OpenSea allows NFT creators to set a royalty fee of up to 10%. According to Lai, royalty fees on OKEx are not limited.

    Binance also has an NFT marketplace, but it doesn’t appear to have gained much traction in comparison to popular NFT platforms such as OpenSea and Rarible. When asked why OKEx has launched an NFT platform, Lai stated that the NFT market has “huge potential,” and that the exchange wants to serve “NFT enthusiasts” who want to keep their assets in one place.

    OKEx has also launched a decentralized finance (DeFi) dashboard, which allows users to see their entire portfolio, including NFTs, in one place. The NFT marketplace and the DeFi dashboard are both part of OKEx’s recently launched “DeFi Hub” project.

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