The new marketplace launched its queue today, claiming that it will charge no fees for NFTs on Ethereum, Polygon, and other blockchains.
The NFT frenzy shows no signs of abating, and crypto exchanges are scrambling to find new ways to introduce their consumers to the digital art market.
To that end, Okcoin CEO Hong Fang said today that the San Francisco-based exchange will enter the NFT fray by launching its own exchange.
It has started taking names for the waitlist as of today, with hopes to launch later in 2022. Coinbase and Blockchain.com have already announced upcoming NFT marketplaces, thus Okcoin's announcement seems opportune.
Okcoin, which was founded in 2013, wants to differentiate itself from other cryptocurrency exchanges like Crypto.com, FTX, and Binance, which all have NFT marketplaces, by claiming that their NFT marketplace will have no transaction fees.
The Okcoin NFT waitlist website states, "Just gas, no fees."
Not only that, but Okcoin has stated that it would not impose a cap on the NFT royalty rates that creators can set for secondary purchases of their work.
Okcoin claims that the possibility to buy NFTs directly using fiat will be available in the future. This feature will include a cost for converting U.S. cash to cryptocurrency.
The new marketplace will facilitate the creation and trade of NFTs on a variety of blockchains, including Ethereum, Polygon, and Binance Smart Chain; collectors will be able to buy and sell NFTs using mobile and browser-based wallets such as Metamask.
In a news release, Hong Fang, CEO of Okcoin, stated, "We're introducing a free market for NFTs where pricing and profits will be set by supply and demand, more so than anywhere else."
“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.”