The exchange recently announced that it is opening a waiting list for a new marketplace, confirming that NFT transaction fees will be zero on Ethereum, Polygon and other blockchains.
Recently, cryptocurrency exchanges have been joining the NFT wave, creating separate marketplaces to further their development in the space, as well as to bring their audience into digital art . To this end, Okcoin CEO Gong Fang announced the other day that the exchange is ready to enter the NFT space by launching a separate trading platform.
Starting yesterday, the exchange began building waitlists, with the marketplace officially launching later this year. Okcoin’s announcement is timely as Coinbase and Blockchain.com have also announced their own NFT marketplaces. Okcoin, founded in 2013, aims to stand out from other cryptocurrency exchanges such as Crypto.com, FTX and Binance – all of which already have NFT markets – by announcing that its NFT market will come with zero transaction fees.
“Only gas, no fees,” says the Okcoin website.
What’s more, the exchange said it will not limit the NFT royalty rates that creators can charge for secondary purchases of their work. Later on the future site, NFT tokens can also be purchased for fiat money, and it will also be possible to use wallets such as Metamask.
“We are launching a free NFT market where prices and profits will be driven by supply and demand like nowhere else. Web3 is about restoring economic power to the people, and Okcoin does its part by giving as much sovereignty to individuals as possible when it comes to their money and now their art,” the CEO said in a press release.
Okcoin has partnered with HUG, a Web3 brand dedicated to diversity and inclusion, to highlight collections of creators from demographics marginalized in technology and finance. However, the Bored Apes, World of Women, Boss Beauties and Crypto Punks collections will also be on the market.
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Those who make it to the waitlists will be eligible for an exclusive NFT bundle, which the exchange says will provide holders with free cryptocurrencies, NFTs, and other perks.
“Just as blockchain technology provides financial freedom with cryptocurrencies, it empowers creators with NFTs.”
