Cryptocurrency exchanges are expanding their services to include NFTs, and OKEx has become the latest to join this market.
OKEx introduces its NFT marketplace
Cryptocurrency exchange OKEx has launched a marketplace that would allow users to mint and trade non-fungible tokens. The marketplace is designed to enable users to mint and trade NFTs developed on OKExChain and Ethereum blockchains.
Furthermore, the marketplace will allow users to import NFTs created on other platforms. Lennix Lai, director of financial markets at OKEx, revealed that at the moment, the platform only supports OKExChain NFTs. However, the functionalities for the Ethereum-based NFTs would be added in the future.
The NFT creators would be allowed to set their royalty fees on the marketplace. Lai added that “For example, if a creator wants to receive 20% in royalty fees and one buyer wants to sell that NFT in a secondary market sale for $100, then the creator will receive $20, and the seller will receive $80.”
Cryptocurrency exchanges are entering the NFT market
NFTs have gained massive adoption over the past few months, and this has attracted the attention of cryptocurrency exchange. Binance, the world’s leading has already launched its NFT marketplace.
However, at the moment, the traditional NFT marketplaces like OpenSea and Rarible account for most of the trading volumes in the market.