One of the world’s fastest-growing cryptocurrency platforms Okcoin is launching an NFT marketplace with zero transaction fees for retail investors.
The announcement was made today by CEO Hong Fang alongside Serena Williams at the eMerge Americas conference.
Okcoin NFT, which will support the creation and trading of NFTs on several blockchains, will be the first marketplace on a regulated cryptocurrency platform without a cap on the royalty rates creators can set for secondary purchases of their work. As part of the launch, Okcoin will drop an exclusive set of NFTs granting holders free crypto, NFTs, and more, to which members of the now-open marketplace waitlist will have first access.
Okcoin is electing not to cap NFT royalty rates, which currently range between 0-10% on leading marketplaces, as an effort to grant creators greater agency in the sales of their work. By comparison, average royalty rates for individuals who create non-NFT digital art range between 3-6%, according to Licensing International.
“In the same way that blockchain technology empowers financial freedom with cryptocurrency, it empowers creators with NFTs,” said Hong Fang, CEO of Okcoin. “We’re launching a free market for NFTs where prices and profits will be determined 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.”
True to Okcoin’s “crypto for all” cornerstone, the marketplace will highlight collections by creators from demographics that have previously been marginalized in major waves of tech innovation and traditional finance. In partnership with Okcoin brand advisor Randi Zuckerberg and HUG, which Zuckerberg founded in February 2022 to support diversity in web3, Okcoin will feature rising NFT projects led by women, BIPOC, and underrepresented groups in the ecosystem.
Randi Zuckerberg said, “Okcoin’s work in making crypto more accessible is vital, and I’m thrilled to be working with them to elevate more projects led by underrepresented groups, through my work advising on Okcoin NFT. Making NFTs more inclusive is something I’ve dedicated myself and my company HUG to because we know there are huge opportunities for both creators and collectors in NFTs waiting to be unlocked.”
Okcoin NFT will launch with a curation of industry-leading collections—including Bored Apes, World of Women, Boss Beauties, and Crypto Punks, among others—with support for NFTs minted on the Ethereum, Polygon, Binance, and OKC blockchains. Customers will be able to connect external wallets like MetaMask, see holdings in a new dashboard, and use them to buy/sell NFTs.
