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NEW DELHI: OKEx, the world’s second-biggest cryptocurrency exchange in terms of volume, has launched a decentralised digital asset ecosystem, DeFi Hub. The platform will feature two core products: NFT marketplace and DeFi dashboard.

According to the company, which has more than 20 million users globally, the NFT marketplace will be an end-to-end NFT platform on which users can buy, sell and trade NFTs directly, with zero fees paid out to OKEx.

The DeFi dashboard aims to offer an enhanced and simplified interface to Indian users for managing their digital assets, the company said.

DeFi or decentraliSed finance is an experimental form of finance that does not rely on central financial intermediaries.

Commenting on the development, Jay Hao, chief executive officer, OKEx said, “The NFT adoption in India is growing at a very fast pace and there is an urgent need for an organised platform, which will enable artists to create and trade their artworks in a highly secure digital ecosystem. OKEx NFT marketplace will exclude the middlemen which will ensure maximum value for the artist who put in their hard work in creating the art."

Newly minted NFTs will be available for sale on the marketplace, and creators will be given the flexibility to set their own royalty fees. Royalty fees will then be paid out to creators in every subsequent transaction on NFT Marketplace's secondary market, the Seychelles-headquartered company said.

NFTs have an inbuilt functionality of automatically paying out royalties to their creators when they're sold and resold.

To use DeFi Hub, like any decentralised application, users need to connect their decentralised wallet to the platform.

As per the latest report by data provider CryptoCompare, Binance was the world’s largest spot exchange in terms of volume in July, trading $455 billion. This was followed by OKEx at $96.8 billion, and Huobi Global at $92.7 billion.

Moreover, Binance led the derivative markets with $1.4 trillion of total volumes in the month of July. This was followed by OKEx at $368 billion and Bybit $285 billion.

The NFT space exploded earlier this year after digital artist Mike Winkelmann aka Beeple sold an NFT for $69 million in March 2021.

NFTs are unique tokens that can be used to certify the provenance, authenticity, and ownership of a piece of digital media. Like cryptocurrencies, NFTs are tracked and exchanged on a public blockchain. But unlike cryptocurrencies, NFTs are unique.

Earlier this year, leading crypto exchange, WazirX had launched India’s first NFT marketplace.

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