OKEx exchange launches DeFi hub and NFT marketplace

Global cryptocurrency exchange OKEx is ramping up its decentralized finance (DeFi) efforts with the introduction of the DeFi Hub, a decentralized digital asset ecosystem that includes a marketplace for nonfungible tokens (NFTs).

OKEx exchange launches DeFi hub and NFT marketplace

According to the announcement, the 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 would be able to import NFTs from other supported platforms like OKExChain to the OKEx NFT Marketplace, where they can buy, sell or trade non fungible tokens with zero fees paid out to OKEx.

The new DeFi Hub requires a connection with the OKEx Wallet, a multi-chain 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 the 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 arts, NFTs are verifiably unique representations of digital and physical goods. Since they are nonfungible like 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.

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