Okcoin Enlists Randi Zuckerberg For An NFT Trading Platform

Okcoin, a San Francisco-based cryptocurrency exchange and one of the world’s largest, recently announced the launch of a zero-fee, uncapped royalty NFT marketplace. Along with brand advisor Randi Zuckerberg, the business hopes that its new endeavor, which just pledged $1 million to support women in crypto, will empower crypto for all. While NFT marketplaces are becoming increasingly competitive, with big fish OpenSea being challenged by rivals such as Nifty Gateway and Rarible, Okcoin stands out for its zero-fee policy. “We’re introducing a free market for NFTs, where supply and demand will decide prices and profits more than anywhere else,” CEO Hong Fang stated. OpenSea, on the other hand, charges a 2.5 percent transaction fee on every trade, while competitor SuperRare charges a 3 percent cut. However, royalties, which many prominent markets cap between 0-10 percent, are where NFT authors may really cash in—or lose out—on the proceeds of their work. Many NFT collections, including most blue-chip projects, have substantially traded up in secondhand auctions, especially considering the speculative character of the new sector. For example, each ape’s mint price was only 0.08 ETH (about $190 at the time) when the Bored Ape Yacht Club originally launched last spring. The cheapest ape now costs 113 ETH (about $353,540). Yuga Labs, the project’s creators, have subsequently been able to support lavish parties, a merchandising line, a...