OKEx, the global crypto exchange is working on its decentralized finance (DeFi) efforts with the introduction of the DeFi Hub. It is a decentralized digital asset ecosystem involving a marketplace for all the non-fungible tokens or NFTs.
According to the announcement on Thursday, the cryptocurrency spot and derivatives exchange released the DeFi Hub with two tools in the beginning. They are the NFT Marketplace and the DeFi Dashboard. The NFT marketplace will allow users to mint their own NFTs for sale at a royalty rate set by the creator. Not only this, but the users will also be able to import NFTs from other supported platforms such as OKExChain into the OKEx NFT Marketplace.
There, they can buy, sell or exchange NFTs “with zero fees paid out to OKEx”. This new DeFi hub launched by OKEx requires a connection to OKEx Wallet. OKEx wallet is a decentralized multi-network wallet offered by the exchange to the users as a browser extension. Using the Defi dashboard features will provide a multidisciplinary view of users’ decentralized assets across all the major blockchain networks as well as protocols.
OKEx Director Says
While highlighting the need for an end-to-end system for the fast-growing NFT market, Lennix Lai, the director of OKEx said that this DeFi Hub is committed to accelerating the adoption of non-fungible tokens through the NFT Marketplace. He added:
“We’re also excited to launch the DeFi Dashboard to bring much-needed improvements to the way users view their crypto wallets.”
People are using NFTs widely as a new and a different way to create digital art. They are unique verifiable representations of physical and digital goods. Since, unlike the regular currency, they are non-fungible, their value is set according to the taste of the buyer. This is why a seven-digit price tag for such digital arts is common in the NFT world.
With the burgeoning demand for this new form of digital assets, the NFT market is becoming a new frontier. It is not only in the crypto ecosystem but also in the broader technological world. Just the last month, Alibaba, the Chinese e-commerce giant, launched an NFT marketplace. ALso, this marketplace allows all the trademark owners to sell tokenized licenses to their intellectual property.