A DeFi Hub and a marketplace for the creation and sale of non-financial tokens (NFTs) are being launched by OKEx to broaden its decentralized finance footprint.
Introducing the DeFi Hub, a decentralized digital asset ecosystem that includes a marketplace for nonfungible tokens, global cryptocurrency exchange OKEx is stepping up its efforts in decentralized finance (DeFi) (NFTs).
On September 2, the crypto spot and derivatives exchange announced the debut of its DeFi Hub, which includes the NFT Marketplace and the DeFi Dashboard as its first two features. A user’s ability to mint their own NFTs and sell them with a royalty charge defined by the inventor is provided by the NFT Marketplace.
NFTs from other supported platforms, such as OKExChain, would be able to be imported into the OKEx NFT Marketplace, where users would be able to buy, sell, and trade nonfungible tokens “without any fees being paid to OKEx.”
The OKEx Wallet, a multi-chain decentralized wallet offered by the exchange as a browser plugin, is required in order to use the new DeFi Hub, according to the exchange. With the DeFi Dashboard function, it provides users with a comprehensive view of their decentralized assets across all major blockchain networks and protocols..
OKEx director Lennix Lai stated that the DeFi Hub intends to promote the adoption of nonfungible tokens with the NFT Marketplace, highlighting the necessity for a comprehensive solution for the rapidly expanding NFT sector.
In addition, “We’re thrilled to announce the launch of DeFi Dashboard, which will provide users with much-needed improvements in the visualization of their cryptocurrency portfolios,” he continued.
The use of NFTs, which are verifiably one-of-a-kind representations of digital and real commodities, is becoming increasingly popular as a new method of creating digital arts and crafts.
A seven-figure price for digital art is not uncommon in the NFT world, as they are nonfungible, unlike ordinary currency, and their worth is determined by the purchasers’ demand.
Since there has been an increase in demand for this new kind of digital ownership, NFT marketplaces have emerged as the new frontier, not only within the cryptocurrency ecosystem, but also throughout the broader technology world.
Alibaba, the Chinese e-commerce behemoth, opened an NFT marketplace last month, allowing trademark owners to sell tokenized rights to their intellectual property to generate additional revenue.
