Okcoin, a cryptocurrency exchange, is starting a marketplace for nonfungible tokens, seeking to extend its reach by allowing free trading in the digital artworks.
The San-Francisco based site, which was founded in 2013, is the latest to shift into NFT trading, following similar announcements by rivals including Coinbase Global Inc., Kraken and Gemini.
Okcoin will launch NFTs from well-known collections such as Bored Apes, World of Women, Boss Beauties and Crypto Punks and allow users to link to external wallets to trade. The NFTs will be minted on the Ethereum, Polygon, Binance, and OKC blockchains.
Hong Fang, the CEO of Okcoin, said the company’s no-fee approach is in contrast to rivals. “Some of our competitors out there, they charge a sell fee on top of the sales proceeds,” she said.
The exchange will also highlight NFT collections by creators from varying demographics that previously may have been marginalized from traditional finance.
The NFT market is expected to reach over $80 billion in 2025, up from about $30 billion this year, according to Stephanie Wissink, a Jefferies equity analyst.
But the sector has shown signs of cooling down recently, with the average selling price of an NFT declining to under $2,000, compared with an all-time high of almost $6,900 on Jan. 2, according to industry data tracker NonFungible.
This article was provided by Bloomberg News.