OKEx Crypto Exchange Launches NFT Marketplace and DeFi Hub

OKEx crypto exchange launches an NFT marketplace as well as a DeFi Hub in a bid to expand its decentralized finance footprint as we are reading more in our latest cryptocurrency news today.

Global crypto exchange OKEx is ramping up the Defi efforts with the introduction of the DeFi Hub as a decentralized digital asset ecosystem that includes a marketplace for NFTs. According to the announcement, the crypto spot and derivatives exchange launched a Defi hub with two tools, DeFi dashboard, and NFT marketplace. The latter enables users to mint their own NFTs and sell with a royalty fee which is set by the creator.

Users will be able to import NFTs from other supported platforms such as OKEX NFT, OkexChain, and more, where they can buy, sell or trade nonfungible tokens with zero fees paid to OKEx. The new hub requires a connection with the OKEX wallet which is a multi-chain decentralized wallet offered by the exchange as a browser extension. It offers a new view of the users’ decentralized assets on major blockchain networks and protocols with a Defi dashboard feature. Underscoring the need for a comprehensive system for the NFT market, OKEx director Lennix Lai said that the hub will speed up the adoption of NFTs with the new marketplace as he said:

 “We’re also thrilled to launch DeFi Dashboard to bring much-needed improvements to users’ visualizations of their cryptocurrency portfolios.”

Widely used as a way to create digital arts, the NFTs are verifiably unique representations of physical goods as well as digital goods. Since they are nonfungible like the regular currencies, the value is set by the buyers’ appetite and the price tag for digital art as it is not uncommon in the NFT space.
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With the growing demand for the a new form of digital ownership, NFT marketplaces are expanding and we saw that the Chinese e-commerce giant Alibaba already launched an NFT marketplace to allow trademark holders to sell tokenized licenses to their intellectual property.

As recently reported, Okex and Huobi will stop providing services for Chinese customers and Huobi will even stop selling mining machines and custody services to the Chinese customers. OKEx will stop trading for its OKB coin in China. A few days after the government vowed to crack down on BTC mining and trading, exchanges Okex and Huobi started blocking Chinese customers from accessing their services.