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The NFT craze shows no sign of slowing down, and crypto exchanges are looking for ways to expose their users to the digital art market. To this end, Okcoin CEO Hong Fang announced today that the San Francisco-based exchange is throwing its hat into the NFT ring with the creation of its own marketplace.
As of today, it's begun taking names for the waitlist, with plans to launch later in 2022. Okcoin’s announcement is timely as Coinbase and Blockchain.com have announced forthcoming NFT marketplaces of their own.
Founded in 2013, Okcoin aims to stand out from other cryptocurrency exchanges like Crypto.com, FTX, and Binance—all of which already have NFT marketplaces—by saying its NFT marketplace will come with zero transaction fees.
“Just gas, no fees,” the Okcoin NFT waitlist website reads.
Not only that, but Okcoin also promises it won’t cap NFT royalty rates creators can set for secondary purchases of their work.
Okcoin says that it will eventually roll out the capability to buy NFTs directly with fiat. That feature will entail a fee for the conversion from U.S. dollars to crypto.
The new marketplace will support the creation and trading of NFTs on different blockchains, including Ethereum, Polygon, and Binance Smart Chain; collectors can use mobile and browser-based wallets like Metamask to buy and sell the NFTs.
“We’re launching a free market for NFTs where prices and profits will be determined by supply and demand, more so than anywhere else,” said Hong Fang, CEO of Okcoin, in a press release. “Web3 is about restoring economic power to the people, and at Okcoin, we’re doing our part by granting as much sovereignty to individuals as possible when it comes to their money, and now, their art.”
Okcoin is partnering with HUG, a Web3 brand dedicated to diversity and inclusion, to highlight collections by creators from demographics marginalized in tech and finance. Okcoin says the marketplace will also include Bored Apes, World of Women, Boss Beauties, and Crypto Punks collections.
As part of the launch, Okcoin says those on the now open marketplace waitlist will have first dibs on a drop of an exclusive set of NFTs that they say will grant holders free crypto, NFTs, and other perks. “In the same way that blockchain technology empowers financial freedom with cryptocurrency, it empowers creators with NFTs,” Fang added.