The free trading NFT market is expected to offer creators a significant agency when selling their work as royalties range from 0-10% in other markets.
Hong Fang, the executive director of Okcoin, admitted:
“We are launching a free market for NFT where prices and profits will be determined by supply and demand, more than anywhere else. Web3 is about restoring people’s economic power. ”
The San Francisco-based cryptocurrency exchange will offer NFTs from well-known collections such as Crypto Punks, Bored Ape Yacht Club (BAYC), Boss Beauties and World of Women.
In order to adhere to the goal of “crypto for all”, the market will also show collections of previously marginalized creators in traditional areas of finance and technological innovation.
“In the same way that blockchain technology strengthens financial freedom with cryptocurrencies, it empowers creators with NFTs.”
Forging of NFTs usually takes place on Binance, OKC, Polygon and Ethereum block chains. Therefore, users will have the opportunity to link external wallets such as MetaMask, allowing them to trade NFTs.
Randi Zuckerberg, Okcoin brand advisor, sees the market as a stepping stone to making cryptocurrencies more accessible. added:
“Making NFT more inclusive is something I’ve dedicated myself and my company to HUG because we know there are huge opportunities for both creators and collectors in NFTs waiting to be unlocked.”
Crypto exchanges are being prepared for the NFT market based on the announcements of Gemini, Kraken and Coinbase. For example, the launch of the Coinbase NFT market is expected to connect with the Bored Apes who enter the film scene in June.
Furthermore, different brands enter the irreplaceable token sector for different reasons. For example, recently Nestle, a Swiss multinational conglomerate for food and beverage processing released NFT for charity in the Middle East and North Africa.
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