Powering DeFi and NFT Boost: OKEx Floats NFT marketplace

By Godfrey Benjamin
Published September 3, 2021 Updated September 3, 2021
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Powering DeFi and NFT Boost: OKEx Floats NFT marketplace

By Godfrey Benjamin
Published September 3, 2021 Updated September 3, 2021

OKEx, one of the leading digital currency trading platforms is looking to help boost the mainstream adoption of decentralized finance (DeFi), and Non-Fungible Tokens (NFTs) with the launch of a DeFi Hub. As announced by the firm, the platform brandishes two major features including an NFT Marketplace as well as a DeFi Dashboard.

The NFT Marketplace will permit content creators and digital artists to mint, own and trade collectibles in a decentralized manner. Unlike the common practice amongst the growing NFT marketplaces out there, OKEx said it will not be taking any fee from transactions that take place in the marketplace.

“Newly minted NFTs will be available for sale on NFT Marketplace and creators are given the flexibility to set their own royalty fees. Royalty fees for creators are then paid out to them in every subsequent transaction on NFT Marketplace’s secondary market. The NFT Marketplace also lets users import NFTs that have been generated on other supported platforms,” the announcement reads.

The DeFi Dashboard feature will give flexibility to users as it “displays both a full portfolio view, as well as a separate view for digital collectibles,” according to the company. The DeFi Dashboard and the NFT Marketplace covers assets across a wide variety of blockchain networks, and the product is non-custodial. This implies users will need to connect their external wallet address to be able to access the features.

Growth Calls for Adequate Management

The growth of DeFi and the broader NFT Metaverse has been fast paced, with more users coming into the ecosystem on a daily basis. From OpenSea to Solana, and other platforms directly offering NFTs to the public, a massive performance record has been set by them in the past months. 

OKEx believes with its new features, it can take on the responsibility of helping to manage the industry’s rapid growth.

“The NFT market is growing rapidly in popularity, creating a need for a comprehensive system for managing NFTs,” said OKEx Director Lennix Lai in a statement. He continued: 

“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.”

The tilt towards DeFi and NFT is not just a big market for startups willing to make their marks in the new offshoot of blockchain technology, it marks a use case that is worth implanting an everlasting interest on the hearts of both crypto and non-crypto native customers respectively.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Godfrey Benjamin
177 Articles
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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