Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.
OKEx in an attempt to amplify their scale of operations has now turned towards DeFi and has developed a Decentralized Finance Hub which will also comprise a marketplace to facilitate sales of NFTs.
In an announcement made by the exchange on September 2, OKEx has successfully introduced their DeFi hub along with an NFT marketplace where users can come, mint their NFTs which can be later sold online after paying a nominal royalty fee set by the creators.
OKEx Ventures into NFT World with Its New DeFi Hub
The new DeFi hub primarily needs an OKEx multichain wallet connection to provide access to various digital decentralized digital variants spread across the blockchain network. Coupled with the OKEx unique dashboard feature, this particular function will enable the users to view their digital assets holistically without any additional hassles.
Along with the launch of their DeFi hub, OKEx is also entering the domain of Non Fungible Tokens by launching an independent NFT marketplace to help facilitate the sale of NFTs to various users. The marketplace’s unique concept will enable users to mint their NFTs and sell it by charging a royalty fee which can be initially set by them. This will encourage the existing consumers to seek more interaction with the thriving NFT domain and get comfortable proceedings in a simplified manner.
OKEx will also allow users to import their NFTs from other supported marketplaces and initiate sales on OKEx Marketplace. The exchange has also confirmed that users can feel free to conduct purchases and sales of NFTs without paying any additional fee to the exchange in general.
NFTs have become one of the most profitable avenues of the thriving blockchain technology that offers a comprehensive concept of sole ownership. NFTs have been adopted worldwide by many prominent personalities and have become an integral part of the ever-expanding blockchain network.
OKEx director Lennix Lai has stated that the exchange is seeking to accelerate the adoption of NFTs and as an organization, is thrilled to announce the launch of its DeFi dashboard. Lai further commented that this DeFi dashboard was very much needed to improve the” user’s visualizations of their cryptocurrency portfolios.”
With the expansion of cryptocurrency networks and NFTs, these marketplaces have evolved and have become popular revenue channels for many businesses and enterprises. Since non-fungible tokens work on the principle of a sole proprietorship, their values are predetermined by the creators which allows them to make deals involving millions of dollars.