OKEx Launches DeFi Hub with Integrated NFT Marketplace

Cryptocurrency trading outfit OKEx has joined the Non-Fungible Token (NFT) bandwagon with the launch of DeFi Hub. This platform will feature a marketplace for all forms of digital collectables and the maintenance of a cross-chain DeFi dashboard.

As announced by the exchange, the NFT Marketplace will make it easy for digital content creators and artists to mint their NFTs or artworks. The supported protocol for this minting includes its native blockchain infrastructure, OKExChain, and Ethereum Network, respectively. The minted NFTs will find their ways to the marketplaces where they can be traded, and creators will also have the leeway to set their royalty fees.

The announcement reads:

“OKEx believes that NFTs are changing the landscape of art and entertainment by making it easier than ever for fans to support their favourite creators and for artists to mint and trade unique, collectable pieces. The creation of DeFi Hub signals the company's commitment to protecting the interests of creators by giving them lasting incentives in the subsequent sales of their work,” 

As part of its efforts to champion the growth of the NFT Metaverse, OKEx said it would not be charging any fees for the minted NFTs. The NFT Marketplace’s uniqueness will also let users import digital collectables that have been generated on other supported platforms.

Non-Fungible Tokens are undoubtedly the buzzword in the crypto and decentralised finance ecosystems today. The new digital innovations let anyone register an item, be it artwork, music, Intellectual Property, or other rare objects on the blockchain. This helps maintain their integrity, immutability, and verifiability. Typically, these features add to the valuation growth of the NFT, boosted by the fact that these assets can be transferred on-chain.

"The NFT market is proliferating in popularity, creating a need for a comprehensive system for managing NFTs," said OKEx Director Lennix Lai in a statement and adding:

"With DeFi Hub, we’ve created an NFT Marketplace that will accelerate NFT adoption by making it easier than ever for anyone to create, exchange, and sell NFTs. We’re also thrilled to launch DeFi Dashboard to bring much-needed improvements to users’ visualisations of their cryptocurrency portfolios."

The OKEx NFT Marketplace is live, and users will need third-party wallets to connect to the trading platform.