OKEx Launches DeFi Hub, Introduces NFT Marketplace
- The newly introduced DeFi Hub ecosystem supports two core products, an NFT Marketplace and a DeFi Dashboard.
- The new marketplace aims to accelerate the adoption of NFTs by enabling users to buy, sell and trade non-fungible tokens “with zero fees paid out to OKEx”.
Shutterstock
Popular cryptocurrency exchange OKEx is continuing its support of the DeFi space with the introduction of its new DeFi Hub, an ecosystem that includes an NFT Marketplace and a DeFi Dashboard, OKEx said in a press release on 2 September.
According to the announcement, the new OKEx product requires a connection to the OKEx Wallet — a multi-chain decentralized wallet offered by the exchange — and will offer users a view of their assets across different blockchain networks and protocols. The DeFi Dashboard will improve the “users’ visualizations of their cryptocurrency portfolios”, while the NFT Marketplace will enable creators to mint NFTs freely. OKEx director Lennix Lai said in a statement:
“The NFT market is growing rapidly in popularity, creating a need for a comprehensive system for managing NFTs. With DeFi Hub, we’ve created an NFT Marketplace that will accelerate NFT adoption by making it easier than ever for anyone to create, exchange, and sell NFTs. We’re also thrilled to launch DeFi Dashboard to bring much-needed improvements to users’ visualizations of their cryptocurrency portfolios.”
OKEx’s new NFT Marketplace will also enable creators to freely set the royalty fees on their tokens, allowing them to receive commissions on any subsequent transactions of their work. While this is no new concept — with NFT marketplace OpenSea allowing royalty fees to be set as high as 10% — OKEx will not place limitations on the fees, and let their creators decide.
The popularity of the NFT space continues to grow, and OKEx is not the only one to try to benefit from this. Last month, Wave Financial announced the launch of its NFT Fund (NFF), which will offer investors exposure to digital art, NFT platforms, and the broader collectibles market. Visa, on the other hand, invested $150,000 into a CryptoPunk NFT in order to try and learn more about the growing market and space.
- Users of Binance NFT can now use select blue-chip NFT collections as collateral to take out cryptocurrency loans.
- The platform will initially support only loans in ETH, and NFT collections Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles.
Shutterstock
- The Binance NFT marketplace said it will soon expand its multichain ecosystem, and add support for Bitcoin Ordinals, which are also known as Bitcoin NFTs.
- The platform said it will allow users to purchase and trade Ordinals directly from their Binance accounts, bypassing the need to create a separate inscription wallet.
- Magic Eden’s “fully audited” Bitcoin Ordinal marketplace will only support secondary sales of Bitcoin NFTs, though it is looking into tools to allow for easy mint of such collectibles.
- Royalties will also be unavailable from the start due to the lack of tooling on the Bitcoin network, but the marketplace is “actively looking” into the development of a new royalty standard.