OKcoin Announces Zero-Fee NFT Marketplace
The only fee users will pay is gas when they buy an NFT, the site will also feature uncapped royalties.
The latest crypto services platform to throw its hat in the ring as an NFT marketplace is Okcoin. In an announcement Tuesday, April, 19, CEO Hong Fang said that the platform will feature zero transaction fees for retail investors.
The marketplace will support the creation and trading of NFTs on several blockchains and 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 an incentive for joining the waitlist, Okcoin is dropping an exclusive set of NFTs that will grant holders free crypto, additional NFTs, and more. Users of the brand’s current cryptocurrency platform will have a priority position on the waitlist, they simply need to sign up with the same email used for the crypto account.
Fang, being a female business leader in the Web3 space, has put an emphasis on the importance of the diversification of works that will be featured in the new marketplace. Okcoin plans to accomplish this by surfacing more projects that are led by women and underrepresented groups, with the help of its partners Randi Zuckerberg and HUG.
In regards to financial freedom and empowerment of artists, Fang said “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.”
In other NFT news, Coinbase launches the beta version of its NFT marketplace.