- Cryptocurrency exchange Okcoin is launching the first NFT marketplace that features no royalty cap for creators.
- The Randi-Zuckerberg backed crypto exchange will headline the launch with Bored Ape and Crypto Punk NFTs, among others.
- On other platforms, NFT royalty rates can be as high as 10%.
Cryptocurrency exchange Okcoin announced a new non-fungible token marketplace Tuesday, adding its name to the growing digital collectibles space alongside companies like OpenSea, Rarible, and Axie Marketplace.
The marketplace, Okcoin NFT, will feature zero transaction fees for retail investors, as announced by CEO Hong Fang alongside Serena Williams at the eMerge Americas conference.
Founded in 2013, Okcoin's platform will be the first marketplace on a regulated cryptocurrency exchange that does not put a limit on the royalty rates that creators can set for sales on their work.
"We're launching a free market for NFTs where prices and profits will be determined by supply and demand, more so than anywhere else," Fang said. "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."
Typically, NFT royalty rates can range between 0 to 10% on competing platforms, the company said.
Popular collections like Bored Apes and Crypto Punks will headline Okcoin's platform, and members of the waitlist will have first access to the launch.
Randi Zuckerberg, sister of Meta chief executive Mark Zuckerberg, joined Okcoin's advisory council in 2021.
"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," Zuckerberg said in a statement.
The NFT market ballooned to $41 billion in 2021, and experts expect the NFT market to surpass $80 billion by 2025. Supporters claim that the digital art is the key to the next phase of the internet, or Web3, while skeptics say there's little value in the tokens.
Meanwhile, in March 2022, Okcoin, along with Stacks Accelerator, launched the Bitcoin Odyssey, a year-long commitment for venture capitalists to pledge $165 million into products that support the adoption of bitcoin.