Global crypto exchange OKEx is ramping up its decentralized finance (DeFi) efforts with the introduction of DeFi Hub, a decentralized digital asset ecosystem that includes a marketplace for nonfungible tokens (NFTs).
According to a Thursday announcement, the crypto spot and derivatives exchange launched its DeFi Hub with two initial tools, NFT Marketplace and DeFi Dashboard. The NFT Marketplace enables users to mint their own NFTs to sell with a royalty fee that is set by the creator.
Users will be able to import NFTs from other supported platforms like OKExChain to the OKEx NFT Marketplace, where they can buy, sell or trade nonfungible tokens “with zero fees paid out to OKEx.”
The new DeFi Hub requires a connection with OKEx Wallet, a multichain decentralized wallet offered by the exchange as a browser extension. It offers a holistic view of users’ decentralized assets across major blockchain networks and protocols with a DeFi Dashboard feature.
Underscoring the need for a comprehensive system for the fast-growing NFT market, OKEx director Lennix Lai said that DeFi Hub aims to accelerate the adoption of nonfungible tokens with the NFT Marketplace. “We’re also thrilled to launch DeFi Dashboard to bring much-needed improvements to users’ visualizations of their cryptocurrency portfolios," he added.
Widely used as a new way to create digital art, NFTs are verifiably unique representations of digital and physical goods. Since they are nonfungible, unlike a regular currency, their value is set by the buyers’ appetite and a seven-figure price tag for digital art is not uncommon in the NFT world.
With the growing demand for this new form of digital ownership, NFT marketplaces are becoming the new frontier not only within the crypto ecosystem but in the broad technology world as well. Last month, Chinese e-commerce giant Alibaba launched an NFT marketplace to allow trademark holders to sell tokenized licenses to their intellectual property.